Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021shares | |
Document and Entity Information | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Document Transition Report | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-32505 |
Entity Registrant Name | TRANSMONTAIGNE PARTNERS LLC |
Entity Central Index Key | 0001319229 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 34-2037221 |
Entity Address, Address Line One | 1670 Broadway |
Entity Address, Address Line Two | Suite 3100 |
Entity Address, City or Town | Denver |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80202 |
City Area Code | 303 |
Local Phone Number | 626-8200 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated balance sheets
Consolidated balance sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 242 | $ 595 |
Trade accounts receivable, net | 11,614 | 9,203 |
Due from affiliates | 3,700 | 2,986 |
Other current assets | 9,096 | 5,623 |
Total current assets | 24,652 | 18,407 |
Property, plant and equipment, net | 727,363 | 737,501 |
Goodwill | 9,428 | 9,428 |
Investments in unconsolidated affiliates | 225,816 | 225,948 |
Right-of-use assets, operating leases | 48,101 | 33,880 |
Other assets, net | 39,764 | 44,042 |
TOTAL ASSETS | 1,075,124 | 1,069,206 |
Current liabilities: | ||
Trade accounts payable | 10,054 | 14,000 |
Operating lease liabilities | 3,370 | 3,284 |
Accrued liabilities | 32,944 | 34,732 |
Short-term debt | 346,400 | |
Total current liabilities | 392,768 | 52,016 |
Other liabilities | 3,968 | 4,820 |
Long-term operating lease liabilities | 46,597 | 32,418 |
Long-term debt | 294,732 | 644,659 |
Total liabilities | 738,065 | 733,913 |
Commitments and contingencies (Note 13) | ||
Equity: | ||
Member interest | 337,059 | 335,293 |
Total equity | 337,059 | 335,293 |
TOTAL LIABILITIES AND EQUITY | $ 1,075,124 | $ 1,069,206 |
Consolidated statements of oper
Consolidated statements of operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||||
Total revenue | $ 65,960 | $ 68,058 | $ 134,892 | $ 136,899 |
Costs and expenses: | ||||
Operating | (25,655) | (25,355) | (53,658) | (51,992) |
General and administrative expenses | (5,198) | (5,250) | (10,377) | (11,567) |
Insurance expenses | (1,390) | (1,280) | (2,718) | (2,488) |
Deferred compensation expense | (224) | (354) | (988) | (1,265) |
Depreciation and amortization | (14,946) | (14,242) | (29,710) | (27,883) |
Total costs and expenses | (47,413) | (46,481) | (97,451) | (95,195) |
Earnings from unconsolidated affiliates | 2,163 | 1,850 | 4,355 | 4,003 |
Operating income | 20,710 | 23,427 | 41,796 | 45,707 |
Other expenses: | ||||
Interest expense | (7,510) | (7,204) | (14,866) | (16,418) |
Amortization of deferred debt issuance costs | (662) | (627) | (1,321) | (1,270) |
Total other expenses | (8,172) | (7,831) | (16,187) | (17,688) |
Net earnings | 12,538 | 15,596 | 25,609 | 28,019 |
External customers | ||||
Revenue: | ||||
Total revenue | 58,544 | 60,894 | 119,421 | 122,563 |
Affiliate customers | ||||
Revenue: | ||||
Total revenue | $ 7,416 | $ 7,164 | $ 15,471 | $ 14,336 |
Consolidated statements of equi
Consolidated statements of equity - USD ($) $ in Thousands | Member interest | Total |
Balance at Dec. 31, 2019 | $ 324,087 | $ 324,087 |
Increase (Decrease) in Partners' Capital | ||
Contribution from TLP Holdings | 223 | 223 |
Distributions to TLP Finance | (26,451) | (26,451) |
Net earnings | 28,019 | 28,019 |
Balance at Jun. 30, 2020 | 325,878 | 325,878 |
Balance at Mar. 31, 2020 | 322,937 | 322,937 |
Increase (Decrease) in Partners' Capital | ||
Contribution from TLP Holdings | 111 | 111 |
Distributions to TLP Finance | (12,766) | (12,766) |
Net earnings | 15,596 | 15,596 |
Balance at Jun. 30, 2020 | 325,878 | 325,878 |
Balance at Dec. 31, 2020 | 335,293 | 335,293 |
Increase (Decrease) in Partners' Capital | ||
Distributions to TLP Finance | (23,843) | (23,843) |
Net earnings | 25,609 | 25,609 |
Balance at Jun. 30, 2021 | 337,059 | 337,059 |
Balance at Mar. 31, 2021 | 336,285 | 336,285 |
Increase (Decrease) in Partners' Capital | ||
Distributions to TLP Finance | (11,764) | (11,764) |
Net earnings | 12,538 | 12,538 |
Balance at Jun. 30, 2021 | $ 337,059 | $ 337,059 |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||||
Net earnings | $ 12,538 | $ 15,596 | $ 25,609 | $ 28,019 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 14,946 | 14,242 | 29,710 | 27,883 |
Earnings from unconsolidated affiliates | (2,163) | (1,850) | (4,355) | (4,003) |
Distributions from unconsolidated affiliates | 3,976 | 4,456 | 7,309 | 6,347 |
Amortization of deferred debt issuance costs | 662 | 627 | 1,321 | 1,270 |
Amortization of deferred revenue | (164) | 1,228 | (361) | 1,195 |
Unrealized loss on derivative instruments | (752) | (480) | ||
Changes in operating assets and liabilities: | ||||
Trade accounts receivable, net | (2,286) | (124) | (2,411) | 5,085 |
Due from affiliates | 18 | 264 | (714) | 392 |
Other current assets | 1,141 | 1,673 | (2,204) | (1,819) |
Amounts due under long-term terminaling services agreements, net | 1,181 | (667) | 479 | (194) |
Right-of-use assets, operating leases | 742 | 758 | 1,474 | 1,397 |
Other assets, net | 49 | 484 | 16 | 449 |
Trade accounts payable | (658) | (2,102) | (750) | (1,642) |
Accrued liabilities | 2,669 | 7,882 | (1,788) | (2,706) |
Operating lease liabilities | (650) | (671) | (1,430) | (1,337) |
Net cash provided by operating activities | 32,001 | 41,044 | 51,905 | 59,856 |
Cash flows from investing activities: | ||||
Investments in unconsolidated affiliates | (442) | (3,171) | (2,822) | (3,171) |
Capital expenditures | (7,887) | (14,876) | (21,593) | (28,765) |
Net cash used in investing activities | (8,329) | (18,047) | (24,415) | (31,936) |
Cash flows from financing activities: | ||||
Borrowings under revolving credit facility | 14,400 | 20,300 | 65,700 | 73,000 |
Repayments under revolving credit facility | (29,400) | (33,000) | (69,700) | (74,700) |
Senior notes repurchase | (100) | (100) | ||
Distributions to TLP Finance | (11,764) | (12,766) | (23,843) | (26,451) |
Contributions from TLP Holdings | 111 | 223 | ||
Net cash used in financing activities | (26,764) | (25,455) | (27,843) | (28,028) |
Decrease in cash and cash equivalents | (3,092) | (2,458) | (353) | (108) |
Cash and cash equivalents at beginning of period | 3,334 | 3,440 | 595 | 1,090 |
Cash and cash equivalents at end of period | 242 | 982 | 242 | 982 |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | 2,927 | 3,441 | 14,877 | 17,029 |
Property, plant and equipment acquired with accounts payable | 6,267 | $ 16,359 | 6,267 | $ 16,359 |
Additions to right-of-use assets obtained from new operating lease liabilities | $ 15,695 | $ 15,695 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Nature of business TransMontaigne Partners LLC (“we,” “us,” “our,” “the Company”) provides integrated terminaling, storage, transportation and related services for companies engaged in the trading, distribution and marketing of light refined petroleum products, heavy refined petroleum products, renewable products, crude oil, chemicals, fertilizers and other liquid products. We conduct our operations in the United States along the Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the Mississippi and Ohio rivers, in the Southeast and along the West Coast. (b) Basis of presentation and use of estimates Our accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of TransMontaigne Partners LLC and its controlled subsidiaries. Investments where we do not have the ability to exercise control, but do have the ability to exercise significant influence, are accounted for using the equity method of accounting. All inter-company accounts and transactions have been eliminated in the preparation of the accompanying consolidated financial statements. The accompanying consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly our financial position as of June 30, 2021 and December 31, 2020 and our results of operations for the three and six months ended June 30, 2021 and 2020. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. The following estimates, in management’s opinion, are subjective in nature, require the exercise of judgment, and/or involve complex analyses: useful lives of our plant and equipment and accrued environmental obligations. Changes in these estimates and assumptions will occur as a result of the passage of time and the occurrence of future events. Actual results could differ from these estimates. (c) Accounting for terminal and pipeline operations We generate revenue from terminaling services fees, pipeline transportation fees and management fees. Under ASC 606 and ASC 842, we recognize revenue over time or at a point in time, depending on the nature of the performance obligations contained in the respective contract with our customer. The contract transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our revenue is recognized pursuant to ASC 842. The following is an overview of our significant revenue streams, including a description of the respective performance obligations and related method of revenue recognition. Terminaling services fees. Our terminaling services agreements are structured as either throughput agreements or storage agreements. Our throughput agreements contain provisions that require our customers to make minimum payments, which are based on contractually established minimum volumes of throughput of the customer’s product at our facilities, over a stipulated period of time. Due to this minimum payment arrangement, we recognize a fixed amount of revenue from the customer over a certain period of time, even if the customer throughputs less than the minimum volume of product during that period. In addition, if a customer throughputs a volume of product exceeding the minimum volume, we would recognize additional revenue on this incremental volume. Our storage agreements require our customers to make minimum payments based on the volume of storage capacity available to the customer under the agreement, which results in a fixed amount of recognized revenue. We refer to the fixed amount of revenue recognized pursuant to our terminaling services agreements as being “firm commitments.” Our terminaling services agreements include revenue recognized in accordance with ASC 606 and ASC 842. Upon adoption of these standards, we evaluated our contracts to determine whether the contract contained a lease. Significant assumptions used in this process include the determination of whether substantive substitution rights exist based on the terms of the contract and available capacity at the terminal at the time of contract inception. Our terminaling services agreements do not allow our customers to purchase the underlying asset and vary in terms and conditions with respect to extension or termination options. If a contract is accounted for as a lease under ASC 842, we recognize the minimum payments as lease revenue and revenue recognized in excess of firm commitments as a variable payment of the lease. All other components of the contracts accounted for as a lease are treated as non-lease components (ancillary revenue) and are accounted for in accordance with ASC 606. The majority of our firm commitments under our terminaling services agreements are accounted for as lease revenue in accordance with ASC 842 (“ASC 842 revenue”). The remaining firm commitments under our terminaling services agreements not accounted for as lease revenue are accounted for in accordance with ASC 606 (“ASC 606 revenue”), where the minimum payment arrangement in each contract is considered a single performance obligation that is primarily satisfied over time through the contract term. Revenue recognized in excess of firm commitments and revenue recognized based solely on the volume of product distributed or injected are referred to as ancillary. The ancillary revenue associated with terminaling services include volumes of product throughput that exceed the contractually established minimum volumes, injection fees based on the volume of product injected with additive compounds, heating and mixing of stored products, product transfer, railcar handling, butane blending, proceeds from the sale of product gains, wharfage and vapor recovery. The revenue generated by these services is required to be estimated under ASC 606 for any uncertainty that is not resolved in the period of the service. We account for the majority of ancillary revenue at individual points in time when the services are delivered to the customer. The majority of our ancillary revenue is recognized in accordance with ASC 606 (See Note 15 of Notes to consolidated financial statements). Pipeline transportation fees. Management fees. Management fee revenue is recognized at individual points in time as the services are performed or as the costs are incurred and is primarily accounted for in accordance with ASC 606. Management fees related to lease revenue are accounted for in accordance with ASC 842. (d) Cash and cash equivalents We consider all short-term investments with a remaining maturity of three months or less at the date of purchase to be cash equivalents. (e) Property, plant and equipment Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 25 years for terminals and pipelines and 3 to 25 years for furniture, fixtures and equipment. All items of property, plant and equipment are carried at cost. Expenditures that increase capacity or extend useful lives are capitalized. Repairs and maintenance are expensed as incurred. We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable based on expected undiscounted future cash flows attributable to that asset group. If an asset group is impaired, the impairment loss to be recognized is the excess of the carrying amount of the asset group over its estimated fair value. We did not recognize any impairment charges during the three and six months ended June 30, 2021 and 2020. (f) Investments in unconsolidated affiliates We account for our investments in unconsolidated affiliates, which we do not control but do have the ability to exercise significant influence over, using the equity method of accounting. Under this method, the investment is recorded at acquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased by our proportionate share of any losses, distributions received and amortization of any excess investment. Excess investment is the amount by which our total investment exceeds our proportionate share of the book value of the net assets of the investment entity. We evaluate our investments in unconsolidated affiliates for impairment whenever events or circumstances indicate there is a loss in value of the investment that is other than temporary. In the event of impairment, we would record a charge to earnings to adjust the carrying amount to estimated fair value. We did not recognize any impairment charges during the three and six months ended June 30, 2021 and 2020. (g) Environmental obligations We accrue for environmental costs that relate to existing conditions caused by past operations when probable and reasonably estimable (See Note 9 of Notes to consolidated financial statements). Environmental costs include initial site surveys and environmental studies of potentially contaminated sites, costs for remediation and restoration of sites determined to be contaminated and ongoing monitoring costs, as well as fines, damages and other costs, including direct legal costs. Liabilities for environmental costs at a specific site are initially recorded, on an undiscounted basis, when it is probable that we will be liable for such costs, and a reasonable estimate of the associated costs can be made based on available information. Such an estimate includes our share of the liability for each specific site and the sharing of the amounts related to each site that will not be paid by other potentially responsible parties, based on enacted laws and adopted regulations and policies. Adjustments to initial estimates are recorded, from time to time, to reflect changing circumstances and estimates based upon additional information developed in subsequent periods. Estimates of our ultimate liabilities associated with environmental costs are difficult to make with certainty due to the number of variables involved, including the early stage of investigation at certain sites, the lengthy time frames required to complete remediation, technology changes, alternatives available and the evolving nature of environmental laws and regulations. We periodically file claims for insurance recoveries of certain environmental remediation costs with our insurance carriers under our comprehensive liability policies (See Note 4 of Notes to consolidated financial statements). In connection with our acquisition of the Florida (other than Pensacola), Midwest, Brownsville, Texas, River, Southeast, and Pensacola, Florida terminal and facilities, a third party agreed to indemnify us against certain potential environmental claims, losses and expenses. Based on our current knowledge, we expect that the active remediation projects subject to the benefit of this indemnification obligation are winding down and will not involve material additional claims, losses, and expenses. Nonetheless, the forgoing environmental indemnification obligations of a third party to us remain in place. (h) Asset retirement obligations Asset retirement obligations are legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development or normal use of the asset. GAAP requires that the fair value of a liability related to the retirement of long-lived assets be recorded at the time a legal obligation is incurred. Once an asset retirement obligation is identified and a liability is recorded, a corresponding asset is recorded, which is depreciated over the remaining useful life of the asset. After the initial measurement, the liability is adjusted to reflect changes in the asset retirement obligation. If and when it is determined that a legal obligation has been incurred, the fair value of any liability is determined based on estimates and assumptions related to retirement costs, future inflation rates and interest rates. Our long-lived assets consist of above-ground storage facilities and underground pipelines. We are unable to predict if and when these long-lived assets will become completely obsolete and require dismantlement. We have not recorded an asset retirement obligation, or corresponding asset, because the future dismantlement and removal dates of our long-lived assets is indeterminable and the amount of any associated costs are believed to be insignificant. Changes in our assumptions and estimates may occur as a result of the passage of time and the occurrence of future events. (i) Deferred compensation expense We have a savings and retention plan to compensate certain employees who provide services to the Company. We index the savings and retention plan awards to other forms of investments and have the intent and ability to settle the awards in cash, and accordingly, we account for the awards as liability awards (See Note 12 of Notes to consolidated financial statements). (j) Accounting for derivative instruments Generally accepted accounting principles require us to recognize all derivative instruments at fair value in the consolidated balance sheets as assets or liabilities. Changes in the fair value of our derivative instruments are recognized in the consolidated statements of operations. At June 30, 2021 and December 31, 2020 we do not have derivative instruments. Our interest rate swap agreements expired in June 2020. Pursuant to the terms of the interest rate swap agreements, we paid a blended fixed rate of approximately 2.04% and received interest payments based on the one-month LIBOR. The net difference to be paid or received under the interest rate swap agreements was settled monthly and was recognized as an adjustment to interest expense. The fair value of our interest rate swap agreements was determined using a pricing model based on the LIBOR swap rate and other observable market data. (k) Income taxes No provision for U.S. federal income taxes has been reflected in the accompanying consolidated financial statements because we are treated as a partnership for federal income tax purposes. As a partnership, all income, gains, losses, expenses, deductions and tax credits generated by us flow up to our owners. (l) Comprehensive income Entities that report items of other comprehensive income have the option to present the components of net earnings and comprehensive income in either one continuous financial statement, or two consecutive financial statements. As we have no components of comprehensive income other than net earnings, no statement of comprehensive income has been presented. (m) Recent accounting pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. (n) Going concern assessment and management’s plan Pursuant to FASB ASC 205-40, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern |
TRANSACTIONS WITH AFFILIATES
TRANSACTIONS WITH AFFILIATES | 6 Months Ended |
Jun. 30, 2021 | |
TRANSACTIONS WITH AFFILIATES | |
TRANSACTIONS WITH AFFILIATES | (2) TRANSACTIONS WITH AFFILIATES Operations and reimbursement agreement—Frontera. We have a 50% ownership interest in the Frontera Brownsville LLC joint venture (“Frontera”). We operate Frontera, in accordance with an operations and reimbursement agreement executed between us and Frontera, for a management fee that is based on our costs incurred. Our agreement with Frontera stipulates that we may resign as the operator at any time with the prior written consent of Frontera, or that we may be removed as the operator for good cause, which includes material noncompliance with laws and material failure to adhere to good industry practice regarding health, safety or environmental matters. We recognized revenue related to this operations and reimbursement agreement of approximately $1.3 million for both of the three months ended June 30, 2021 and 2020 and approximately $2.6 million and $2.8 million for the six months ended June 30, 2021 and 2020, respectively. Terminaling services agreements—Brownsville terminals. June 30, 2021 and 2020 and approximately $1.2 million and $1.3 million for the six months ended June 30, 2021 and 2020, respectively. Terminaling services agreement—Gulf Coast terminals. Operating and administrative agreement—SeaPort Midstream Partners, LLC —Central services. We operate two products terminals in Seattle, Washington and Portland, Oregon, on behalf of SeaPort Midstream Partners, LLC, in accordance with an operating and administrative agreement executed between us and SeaPort Midstream Partners, LLC. SeaPort Midstream Partners, LLC is a joint venture between SeaPort Midstream Holdings LLC, an ArcLight subsidiary, and BP West Coast Products LLC. SeaPort Midstream Holdings LLC owns Services agreement—SeaPort Sound Terminal, LLC (“SeaPort Sound”)—Central services . Other affiliates—Central services . Services agreement — TransMontaigne Management Company, LLC. million for the six months ended June 30, 2021 and 2020, respectively. |
CONCENTRATION OF CREDIT RISK AN
CONCENTRATION OF CREDIT RISK AND TRADE ACCOUNTS RECEIVABLE | 6 Months Ended |
Jun. 30, 2021 | |
CONCENTRATION OF CREDIT RISK AND TRADE ACCOUNTS RECEIVABLE | |
CONCENTRATION OF CREDIT RISK AND TRADE ACCOUNTS RECEIVABLE | (3) CONCENTRATION OF CREDIT RISK AND TRADE ACCOUNTS RECEIVABLE Our primary market areas are located in the United States along the Gulf Coast, in the Southeast, in Brownsville, Texas, along the Mississippi and Ohio Rivers, in the Midwest and along the West Coast. We have a concentration of trade receivable balances due from companies engaged in the trading, distribution and marketing of refined products and crude oil. These concentrations of customers may affect our overall credit risk in that the customers may be similarly affected by changes in economic, regulatory or other factors. Our customers’ historical financial and operating information is analyzed prior to extending credit. We manage our exposure to credit risk through credit analysis, credit approvals, credit limits and monitoring procedures, and for certain transactions we may request letters of credit, prepayments or guarantees. Amounts included in trade accounts receivable that are accounted for as revenue in accordance with ASC 606 approximate $3.5 million and $2.4 million at June 30, 2021 and December 31, 2020, respectively. Trade accounts receivable, net consists of the following (in thousands): June 30, December 31, 2021 2020 Trade accounts receivable $ 11,614 $ 9,203 Less allowance for credit losses — — $ 11,614 $ 9,203 The following customers accounted for at least 10% of our consolidated revenue in at least one of the periods presented in the accompanying consolidated statements of operations: Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Pilot Flying J 20 % 14 % 20 % 14 % Freepoint Commodities LLC 9 % 10 % 10 % 11 % |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
OTHER CURRENT ASSETS | |
OTHER CURRENT ASSETS | (4) OTHER CURRENT ASSETS Other current assets were as follows (in thousands): June 30, December 31, 2021 2020 Prepaid insurance $ 4,423 $ 2,123 Revolving credit facility unamortized deferred debt issuance costs, net of accumulated amortization of $11,902 at June 30, 2021 1,269 — Additive detergent 1,797 1,585 Amounts due from insurance companies 546 668 Deposits and other assets 1,061 1,247 $ 9,096 $ 5,623 Revolving credit facility unamortized deferred debt issuance costs. Deferred debt issuance costs are amortized using the effective interest method over the term of the related revolving credit facility. Our revolving credit facility Amounts due from insurance companies. We periodically file claims for recovery of environmental remediation costs and property claims with our insurance carriers under our comprehensive liability policies. We recognize our insurance recoveries in the period that we assess the likelihood of recovery as being probable. At June 30, 2021 and December 31, 2020, we have recognized amounts due from insurance companies of approximately $0.5 million and $0.7 million, respectively, representing our best estimate of our probable insurance recoveries. During the six months ended June 30, 2021, we received reimbursements from insurance companies of approximately $0.1 million. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2021 | |
PROPERTY, PLANT AND EQUIPMENT, NET | |
PROPERTY, PLANT AND EQUIPMENT, NET | (5) PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net was as follows (in thousands): June 30, December 31, 2021 2020 Land $ 83,657 $ 83,657 Terminals, pipelines and equipment 1,135,652 1,108,410 Furniture, fixtures and equipment 11,323 11,104 Construction in progress 13,761 22,824 1,244,393 1,225,995 Less accumulated depreciation (517,030) (488,494) $ 727,363 $ 737,501 At June 30, 2021 and December 31, 2020, property, plant and equipment, net utilized by our customers in operating lease arrangements consisted of approximately $564.4 million and $582.6 million, respectively, of terminals, pipelines and equipment. The terminals, pipelines and equipment primarily relates to our storage tanks and associated internal piping. |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 2021 | |
GOODWILL | |
GOODWILL | (6) GOODWILL Goodwill was as follows (in thousands): June 30, December 31, 2021 2020 Brownsville terminals $ 8,485 $ 8,485 West Coast terminals 943 943 $ 9,428 $ 9,428 Goodwill is required to be tested for impairment annually unless events or changes in circumstances indicate it is more likely than not that an impairment loss has been incurred at an interim date. Our annual test for the impairment of goodwill is performed as of December 31. The impairment test is performed at the reporting unit level. Our reporting units are our business segments (See Note 16 of Notes to consolidated financial statements). The fair value of each reporting unit is determined on a stand-alone basis from the perspective of a market participant and represents an estimate of the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered to be impaired. At June 30, 2021 and December 31, 2020, our Brownsville and West Coast terminals contained goodwill. We did not recognize any goodwill impairment charges during the three or six months ended June 30, 2021 or during the year ended December 31, 2020 for these reporting units. However, an increase in the assumed market participants’ weighted average cost of capital, the loss of a significant customer, the disposition of significant assets, or an unforeseen increase in the costs to operate and maintain the Brownsville or West Coast terminals could result in the recognition of an impairment charge in the future. |
INVESTMENTS IN UNCONSOLIDATED A
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | 6 Months Ended |
Jun. 30, 2021 | |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | (7) INVESTMENTS IN UNCONSOLIDATED AFFILIATES At June 30, 2021 and December 31, 2020, our investments in unconsolidated affiliates include a 42.5% Class A ownership interest in Battleground Oil Specialty Terminal Company LLC (“BOSTCO”) and a 50% ownership interest in Frontera Brownsville LLC (“Frontera”). BOSTCO is a terminal facility located on the Houston Ship Channel that encompasses approximately 7.1 million barrels of distillate, residual and other black oil product storage. Class A and Class B ownership interests share in cash distributions on a 96.5% and 3.5% basis, respectively. Class B ownership interests do not have voting rights and are not required to make capital investments. Frontera is a terminal facility located in Brownsville, Texas that encompasses approximately 1.7 million barrels of light petroleum product storage, as well as related ancillary facilities. The following table summarizes our investments in unconsolidated affiliates: Percentage of Carrying value ownership (in thousands) June 30, December 31, June 30, December 31, 2021 2020 2021 2020 BOSTCO 42.5 % 42.5 % $ 202,735 $ 201,912 Frontera 50 % 50 % 23,081 24,036 Total investments in unconsolidated affiliates $ 225,816 $ 225,948 At both June 30, 2021 and December 31, 2020, our investment in BOSTCO includes approximately $6.4 million of excess investment related to a one time buy-in fee to acquire our 42.5% interest and capitalization of interest on our investment during the construction of BOSTCO amortized over the useful life of the assets. Excess investment is the amount by which our investment exceeds our proportionate share of the book value of the net assets of the BOSTCO entity. Earnings from investments in unconsolidated affiliates was as follows (in thousands): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 BOSTCO $ 1,603 $ 1,302 $ 3,093 $ 2,810 Frontera 560 548 1,262 1,193 Total earnings from investments in unconsolidated affiliates $ 2,163 $ 1,850 $ 4,355 $ 4,003 Additional capital investments in unconsolidated affiliates for the funding of growth projects was as follows (in thousands): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 BOSTCO $ 442 $ 506 $ 2,822 $ 3,171 Frontera — — — — Additional capital investments in unconsolidated affiliates $ 442 $ 506 $ 2,822 $ 3,171 Cash distributions received from unconsolidated affiliates was as follows (in thousands): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 BOSTCO $ 2,796 $ 3,636 $ 5,092 $ 5,053 Frontera 1,180 820 2,217 1,294 Cash distributions received from unconsolidated affiliates $ 3,976 $ 4,456 $ 7,309 $ 6,347 The summarized financial information of our unconsolidated affiliates was as follows (in thousands): Balance sheets: BOSTCO Frontera June 30, December 31, June 30, December 31, 2021 2020 2021 2020 Current assets $ 18,252 $ 15,822 $ 5,136 $ 5,352 Long-term assets 462,074 464,971 42,203 43,939 Current liabilities (13,655) (17,543) (1,177) (1,219) Long-term liabilities (5,193) (5,476) — — Net assets $ 461,478 $ 457,774 $ 46,162 $ 48,072 Statements of income: BOSTCO Frontera Three months ended Three months ended June 30, June 30, 2021 2020 2021 2020 Revenue $ 16,722 $ 15,885 $ 4,600 $ 4,772 Expenses (12,608) (12,585) (3,480) (3,676) Net income $ 4,114 $ 3,300 $ 1,120 $ 1,096 BOSTCO Frontera Six months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Revenue $ 35,522 $ 32,321 $ 9,469 $ 9,808 Expenses (27,593) (25,236) (6,945) (7,422) Net income $ 7,929 $ 7,085 $ 2,524 $ 2,386 |
OTHER ASSETS, NET
OTHER ASSETS, NET | 6 Months Ended |
Jun. 30, 2021 | |
OTHER ASSETS, NET | |
OTHER ASSETS, NET | (8) OTHER ASSETS, NET Other assets, net was as follows (in thousands): June 30, December 31, 2021 2020 Customer relationships, net of accumulated amortization of $10,762 and $9,587, respectively $ 38,668 $ 39,843 Revolving credit facility unamortized deferred debt issuance costs, net of accumulated amortization of $11,054 at December 31, 2020 — 2,117 Amounts due under long-term terminaling services agreements 377 1,347 Deposits and other assets 719 735 $ 39,764 $ 44,042 Customer relationships. Other assets, net include certain customer relationships primarily at our West Coast terminals. These customer relationships are being amortized on a straight-line basis over twenty years . Revolving credit facility unamortized deferred debt issuance costs. Amounts due under long-term terminaling services agreements. We have long-term terminaling services agreements with certain of our customers that provide for minimum payments that increase at stated amounts over the terms of the respective agreements. We recognize as revenue under ASC 842 and ASC 606 the minimum payments under the long-term terminaling services agreements on a straight-line basis over the terms of the respective agreements. At June 30, 2021 and December 31, 2020, we have recognized revenue in excess of the minimum payments that was due through those respective dates under the long-term terminaling services agreements resulting in an asset of approximately $0.4 million and $1.3 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
ACCRUED LIABILITIES | |
ACCRUED LIABILITIES | (9) ACCRUED LIABILITIES Accrued liabilities were as follows (in thousands): June 30, December 31, 2021 2020 Accrued compensation expense $ 9,025 $ 12,283 Customer advances and deposits 9,658 10,689 Interest payable 7,607 7,619 Accrued property taxes 4,398 3,018 Accrued environmental obligations 2,197 983 Accrued expenses and other 59 140 $ 32,944 $ 34,732 Accrued compensation expense. Customer advances and deposits. We bill certain of our customers one month in advance for terminaling services to be provided in the following month. At June 30, 2021 and December 31, 2020, we have billed and collected from certain of our customers approximately $9.7 million and $10.7 million, respectively, in advance of the terminaling services being provided. Of this amount, approximately $8.4 million and $9.6 million, respectively, is related to terminaling services agreements accounted for as operating leases under ASC 842 and approximately $1.3 million and $1.1 million, respectively, is considered contract liabilities under ASC 606. Revenue recognized during the six months ended June 30, 2021 and 2020 from amounts included in contract liabilities at the beginning of the period was approximately $1.0 million and $0.9 million, respectively. Accrued environmental obligations. At June 30, 2021 and December 31, 2020, we have accrued environmental obligations of approximately $2.2 million and $1.0 million, respectively, representing our best estimate of our remediation obligations. During the six months ended June 30, 2021, we made payments of approximately $0.2 million towards our environmental remediation obligations. During the six months ended June 30, 2021, we increased our estimate of our future environmental remediation costs by approximately $1.4 million. Changes in our estimates of our future environmental remediation obligations may occur as a result of the passage of time and the occurrence of future events. |
OTHER LIABILITIES
OTHER LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
OTHER LIABILITIES | |
OTHER LIABILITIES | (10) OTHER LIABILITIES Other liabilities were as follows (in thousands): June 30, December 31, 2021 2020 Advance payments received under long-term terminaling services agreements $ 2,078 $ 2,569 Deferred revenue 1,890 2,251 $ 3,968 $ 4,820 Advance payments received under long-term terminaling services agreements. We have long-term terminaling services agreements with certain of our customers that provide for advance minimum payments. We recognize the advance minimum payments as revenue under ASC 842 on a straight-line basis over the term of the respective agreements. At June 30, 2021 and December 31, 2020, we have received advance minimum payments in excess of revenue recognized under these long-term terminaling services agreements resulting in a liability of approximately $2.1 million and $2.6 million, respectively. Deferred revenue. Pursuant to agreements with our customers, we agreed to undertake certain capital projects. Upon completion of the projects, our customers have paid us amounts that will be recognized as revenue on a straight-line basis over the remaining term of the agreements. At June 30, 2021 and December 31, 2020, we have unamortized deferred revenue for completed projects of approximately $1.9 million and $2.3 million, respectively. During the six months ended June 30, 2021, we billed customers $nil for completed projects and recognized revenue for completed projects on a straight-line basis of approximately $0.4 million. At both June 30, 2021 and December 31, 2020, |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2021 | |
DEBT | |
DEBT | (11) DEBT Debt was as follows (in thousands): June 30, December 31, 2021 2020 Revolving credit facility due in 2022: Short-term debt $ 346,400 $ — Long-term debt — 350,400 6.125% senior notes due in 2026 299,900 299,900 Senior notes unamortized deferred debt issuance costs, net of accumulated amortization of $2,914 and $2,441, respectively (5,168) (5,641) Debt $ 641,132 $ 644,659 Our revolving credit facility provides for a maximum borrowing line of credit equal to $850 million. The terms of our revolving credit facility include covenants that restrict our ability to make cash distributions, acquisitions and investments, including investments in joint ventures. We may make distributions of cash to the extent of our “available cash” as defined in our LLC agreement. We may make acquisitions and investments that meet the definition of “permitted acquisitions”; “other investments” which may not exceed 5% of “consolidated net tangible assets”; and additional future “permitted JV investments” up to $175 million, which may include additional investments in BOSTCO. The primary financial covenants contained in our revolving credit facility are (i) a total leverage ratio test (not to exceed 5.25 to 1.0), (ii) a senior secured leverage ratio test (not to exceed 3.75 to 1.0), and (iii) a minimum interest coverage ratio test (not less than 2.75 to 1.0). The principal balance of loans and any accrued and unpaid interest are due and payable in full on the maturity date, March 13, 2022, and is therefore presented as a current liability in our consolidated balance sheets as of June 30, 2021. We expect to renew or extend our revolving credit facility prior to the maturity date. We were in compliance with all financial covenants as of and during the three and six months ended June 30, 2021 and the year ended December 31, 2020. We may elect to have loans under our revolving credit facility bear interest either (i) at a rate of LIBOR plus a margin ranging from 1.75% to 2.75% depending on the total leverage ratio then in effect, or (ii) at the base rate plus a margin ranging from 0.75% to 1.75% depending on the total leverage ratio then in effect. We also pay a commitment fee on the unused amount of commitments, ranging from 0.375% to 0.5% per annum, depending on the total leverage ratio then in effect. Our obligations under our revolving credit facility are secured by a first priority security interest in favor of the lenders in the majority of our assets, including our investments in unconsolidated affiliates. For the six months ended June 30, 2021 and 2020, the weighted average interest rate on borrowings under our revolving credit facility was approximately 3.3% and 5.2%, respectively. At June 30, 2021 and December 31, 2020, our outstanding borrowings under our revolving credit facility were $346.4 million and $350.4 million, respectively. At both June 30, 2021 and December 31, 2020 our outstanding letters of credit were $1.3 million. On February 12, 2018, the Company and TLP Finance Corp., our wholly owned subsidiary, issued at par $300 million of 6.125% senior notes. Net proceeds, after $8.1 million of issuance costs, were used to repay indebtedness under our revolving credit facility. The senior notes are due in 2026 and are guaranteed on a senior unsecured basis by each of our 100% owned domestic subsidiaries that guarantee obligations under our revolving credit facility. TransMontaigne Partners LLC has no independent assets or operations |
DEFERRED COMPENSATION EXPENSE
DEFERRED COMPENSATION EXPENSE | 6 Months Ended |
Jun. 30, 2021 | |
DEFERRED COMPENSATION EXPENSE. | |
DEFERRED COMPENSATION EXPENSE | (12) DEFERRED COMPENSATION EXPENSE We have a savings and retention plan to compensate certain employees who provide services to the Company. The purpose of the savings and retention plan is to provide for the reward and retention of participants by providing them with awards that vest over future service periods. Awards under the plan with respect to individuals providing services to the Company generally become vested as to 50% of a participant’s annual award as of the first day of the month that falls closest to the second anniversary of the grant date, and the remaining 50% as of the first day of the month that falls closest to the third anniversary of the grant date, subject to earlier vesting upon a participant’s attainment of the age and length of service thresholds, retirement, death or disability, involuntary termination without cause, or termination of a participant’s employment following a change in control of the Company as specified in the plan. The awards are increased for the value of any accrued growth based on underlying investments deemed made with respect to the awards. The awards (including any accrued growth relating thereto) are subject to forfeiture until the vesting date. A person will satisfy the age and length of service thresholds of the plan upon the attainment of the earliest of (a) age sixty fifty-five fifty |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | (13) COMMITMENTS AND CONTINGENCIES Lease commitments. Operating right-of-use assets and operating lease liabilities are recognized based on the present value of the lease payments over the lease term at commencement date. The additions to right-of-use assets obtained from new operating lease liabilities during the six months ended June 30, 2021 of approximately $15.7 million are treated as non-cash transactions that do not impact the consolidated statements of cash flows. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We determined our incremental borrowing rate using the borrowing rate of our revolving credit facility. The terms of our corporate offices, vehicles and land leases are in line with our revolving credit facility, our primary finance mechanism. We have certain land and vehicle lease agreements with lease and non-lease components, which are accounted for separately. Non-lease components include payments for taxes and other operating and maintenance expenses incurred by the lessor but payable by us in connection with the leasing arrangement. During the six months ended June 30, 2021 and 2020, the Company was party to certain subleasing arrangements whereby the Company, as the primary obligor on the lease, has recognized sublease income for lease payments made by affiliates to the lessor. Following are components of our lease costs (in thousands): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Operating leases $ 1,269 $ 1,165 $ 2,449 $ 2,347 Variable lease costs (including insignificant short-term leases) 230 215 464 426 Sublease income as primary obligor (250) (249) (499) (495) Total lease costs $ 1,249 $ 1,131 $ 2,414 $ 2,278 Other information related to our operating leases was as follows (in thousands, except lease term and discount rate): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Cash outflows for operating leases $ 1,178 $ 1,078 $ 2,406 $ 2,287 Weighted average remaining lease term (years) 28.96 18.57 28.96 18.57 Weighted average discount rate 4.5% 5.2% 4.5% 5.2% Undiscounted cash flows owed by the Company to lessors pursuant to contractual agreements in effect as of June 30, 2021 and related imputed interest was as follows (in thousands): Years ending December 31: 2021 (remainder of the year) $ 2,713 2022 5,283 2023 4,683 2024 4,227 2025 3,805 Thereafter 67,754 Total lease payments 88,465 Less imputed interest (38,498) Present value of operating lease liabilities $ 49,967 Contract commitments. Legal proceedings . |
DISCLOSURES ABOUT FAIR VALUE
DISCLOSURES ABOUT FAIR VALUE | 6 Months Ended |
Jun. 30, 2021 | |
DISCLOSURES ABOUT FAIR VALUE | |
DISCLOSURES ABOUT FAIR VALUE | (14) DISCLOSURES ABOUT FAIR VALUE GAAP defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. GAAP also establishes a fair value hierarchy that prioritizes the use of higher-level inputs for valuation techniques used to measure fair value. The three levels of the fair value hierarchy are: (1) Level 1 inputs, which are quoted prices (unadjusted) in active markets for identical assets or liabilities; (2) Level 2 inputs, which are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and (3) Level 3 inputs, which are unobservable inputs for the asset or liability. The fair values of the following financial instruments represent our best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Our fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects our judgments about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. There were no transfers into or out of Levels 1, 2, and 3 during the six months ended June 30, 2021 and 2020. The following methods and assumptions were used to estimate the fair value of financial instruments at June 30, 2021 and December 31, 2020. Cash equivalents. The carrying amount approximates fair value because of the short-term maturity of these instruments. The fair value is categorized in Level 1 of the fair value hierarchy. Debt. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Jun. 30, 2021 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | (15) REVENUE FROM CONTRACTS WITH CUSTOMERS The majority of our terminaling services agreements contain minimum payment arrangements, resulting in a fixed amount of revenue recognized, which we refer to as “firm commitments” and are accounted for in accordance with ASC 842, Leases (“ASC 842 revenue”). The remainder is recognized in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606 revenue”). The following table provides details of our revenue disaggregated by category of revenue (in thousands): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Terminaling services fees: Firm commitments (ASC 842 revenue) $ 44,785 $ 49,560 $ 91,794 $ 96,371 Firm commitments (ASC 606 revenue) 5,136 3,801 9,530 7,508 Total firm commitments revenue 49,921 53,361 101,324 103,879 Ancillary revenue (ASC 606 revenue) 10,645 8,514 21,647 20,343 Ancillary revenue (ASC 842 revenue) 283 586 875 1,583 Total ancillary revenue 10,928 9,100 22,522 21,926 Total terminaling services fees 60,849 62,461 123,846 125,805 Pipeline transportation fees (ASC 842 revenue) 242 872 638 1,744 Management fees (ASC 606 revenue) 4,531 4,422 9,749 8,749 Management fees (ASC 842 revenue) 338 303 659 601 Total management fees 4,869 4,725 10,408 9,350 Total revenue $ 65,960 $ 68,058 $ 134,892 $ 136,899 The following table includes our estimated future revenue associated with our firm commitments under terminaling services fees which is expected to be recognized as ASC 606 revenue in the specified period related to our future performance obligations as of the end of the reporting period (in thousands): Estimated Future ASC 606 Revenue by Segment Gulf Coast Midwest Brownsville River Southeast West Coast Central Terminals Terminals Terminals Terminals Terminals Terminals Services Total 2021 (remainder of the year) $ 2,400 $ 277 $ 1,089 $ 572 $ 3,506 $ 2,294 $ — $ 10,138 2022 1,718 456 2,178 1,063 2,157 1,600 — 9,172 2023 235 32 2,178 531 — — — 2,976 2024 — — 2,178 — — — — 2,178 2025 — — 2,178 — — — — 2,178 Thereafter — — 520 — — — — 520 Total estimated future ASC 606 revenue $ 4,353 $ 765 $ 10,321 $ 2,166 $ 5,663 $ 3,894 $ — $ 27,162 Our estimated future ASC 606 revenue, for purposes of the tabular presentation above, excludes estimates of future rate changes due to changes in indices or contractually negotiated rate escalations and is generally limited to contracts that have minimum payment arrangements. The balances disclosed include the full amount of our customer commitments accounted for as ASC 606 revenue as of June 30, 2021 through the expiration of the related contracts. The balances disclosed exclude all performance obligations for which the original expected term is one year or less, the term of the contract with the customer is open and cannot be estimated, the contract includes options for future purchases or the consideration is variable. Estimated future ASC 606 revenue in the table above excludes revenue arrangements accounted for in accordance with ASC 842. The following table includes our estimated future revenue associated with our firm commitments under terminaling services fees which is expected to be recognized as ASC 842 revenue in the specified period (in thousands): Years ending December 31: 2021 (remainder of the year) $ 87,867 2022 142,912 2023 120,668 2024 72,868 2025 54,270 Thereafter 493,579 Total estimated future ASC 842 revenue $ 972,164 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2021 | |
BUSINESS SEGMENTS | |
BUSINESS SEGMENTS | (16) BUSINESS SEGMENTS We provide integrated terminaling, storage, transportation and related services to companies engaged in the trading, distribution and marketing of refined petroleum products, renewable products, crude oil, chemicals, fertilizers and other liquid products. Our chief operating decision maker is the Company’s chief executive officer. The Company’s chief executive officer reviews the financial performance of our business segments using disaggregated financial information about “net margins” for purposes of making operating decisions and assessing financial performance. “Net margins” is composed of revenue less operating costs and expenses. Accordingly, we present “net margins” for each of our business segments: (i) Gulf Coast terminals, (ii) Midwest terminals, (iii) Brownsville terminals including management of the Frontera joint venture, (iv) River terminals, (v) Southeast terminals, (vi) West Coast terminals and (vii) Central services. Our Central services segment primarily represents the costs of employees performing operating oversight functions, engineering, health, safety and environmental services to our terminals and terminals that we operate or manage, including for affiliate terminals owned by ArcLight. In addition, Central services represent the cost of employees at affiliate terminals owned by ArcLight that we operate. We receive a fee from these affiliates based on our costs incurred. Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Gulf Coast Terminals: Terminaling services fees $ 19,291 $ 18,877 $ 38,449 $ 39,530 Management fees 11 7 25 12 Revenue 19,302 18,884 38,474 39,542 Operating costs and expenses (5,424) (5,049) (11,062) (11,172) Net margins 13,878 13,835 27,412 28,370 Midwest Terminals: Terminaling services fees 2,562 2,033 5,569 3,476 Pipeline transportation fees — 472 — 944 Revenue 2,562 2,505 5,569 4,420 Operating costs and expenses (605) (761) (1,269) (1,276) Net margins 1,957 1,744 4,300 3,144 Brownsville Terminals: Terminaling services fees 4,382 3,657 8,292 7,664 Pipeline transportation fees 242 400 638 800 Management fees 1,283 1,269 2,594 2,769 Revenue 5,907 5,326 11,524 11,233 Operating costs and expenses (2,130) (2,454) (4,591) (5,137) Net margins 3,777 2,872 6,933 6,096 River Terminals: Terminaling services fees 3,489 2,639 6,915 5,333 Revenue 3,489 2,639 6,915 5,333 Operating costs and expenses (1,598) (1,415) (3,233) (2,659) Net margins 1,891 1,224 3,682 2,674 Southeast Terminals: Terminaling services fees 18,410 21,629 38,250 43,139 Management fees 271 292 532 532 Revenue 18,681 21,921 38,782 43,671 Operating costs and expenses (5,706) (5,329) (11,832) (10,902) Net margins 12,975 16,592 26,950 32,769 West Coast Terminals: Terminaling services fees 12,715 13,626 26,371 26,663 Management fees 10 9 20 18 Revenue 12,725 13,635 26,391 26,681 Operating costs and expenses (4,799) (4,954) (10,171) (9,998) Net margins 7,926 8,681 16,220 16,683 Central Services: Management fees 3,294 3,148 7,237 6,019 Revenue 3,294 3,148 7,237 6,019 Operating costs and expenses (5,393) (5,393) (11,500) (10,848) Net margins (2,099) (2,245) (4,263) (4,829) Total net margins 40,305 42,703 81,234 84,907 General and administrative expenses (5,198) (5,250) (10,377) (11,567) Insurance expenses (1,390) (1,280) (2,718) (2,488) Deferred compensation expense (224) (354) (988) (1,265) Depreciation and amortization (14,946) (14,242) (29,710) (27,883) Earnings from unconsolidated affiliates 2,163 1,850 4,355 4,003 Operating income 20,710 23,427 41,796 45,707 Other expenses (8,172) (7,831) (16,187) (17,688) Net earnings $ 12,538 $ 15,596 $ 25,609 $ 28,019 Supplemental information about our business segments is summarized below (in thousands): Three months ended June 30, 2021 Gulf Coast Midwest Brownsville River Southeast West Coast Central Terminals Terminals Terminals Terminals Terminals Terminals Services Total Revenue: External customers $ 17,094 $ 2,562 $ 3,993 $ 3,489 $ 18,681 $ 12,725 $ — $ 58,544 Affiliate customers 2,208 — 1,914 — — — 3,294 7,416 Revenue $ 19,302 $ 2,562 $ 5,907 $ 3,489 $ 18,681 $ 12,725 $ 3,294 $ 65,960 Capital expenditures $ 726 $ 27 $ 1,998 $ 1,060 $ 2,436 $ 1,630 $ 10 $ 7,887 Identifiable assets $ 134,664 $ 17,344 $ 111,687 $ 51,112 $ 248,090 $ 267,216 $ 12,413 $ 842,526 Cash and cash equivalents 242 Investments in unconsolidated affiliates 225,816 Revolving credit facility unamortized deferred debt issuance costs, net 1,269 Other 5,271 Total assets $ 1,075,124 Three months ended June 30, 2020 Gulf Coast Midwest Brownsville River Southeast West Coast Central Terminals Terminals Terminals Terminals Terminals Terminals Services Total Revenue: External customers $ 16,783 $ 2,505 $ 3,411 $ 2,639 $ 21,921 $ 13,635 $ — $ 60,894 Affiliate customers 2,101 — 1,915 — — — 3,148 7,164 Revenue $ 18,884 $ 2,505 $ 5,326 $ 2,639 $ 21,921 $ 13,635 $ 3,148 $ 68,058 Capital expenditures $ 2,641 $ 238 $ 5,454 $ 1,304 $ 3,384 $ 1,662 $ 193 $ 14,876 Six months ended June 30, 2021 Gulf Coast Midwest Brownsville River Southeast West Coast Central Terminals Terminals Terminals Terminals Terminals Terminals Services Total Revenue: External customers $ 34,091 $ 5,569 $ 7,673 $ 6,915 $ 38,782 $ 26,391 $ — $ 119,421 Affiliate customers 4,383 — 3,851 — — — 7,237 15,471 Revenue $ 38,474 $ 5,569 $ 11,524 $ 6,915 $ 38,782 $ 26,391 $ 7,237 $ 134,892 Capital expenditures $ 2,422 $ 52 $ 6,099 $ 3,833 $ 5,189 $ 3,926 $ 72 $ 21,593 Six months ended June 30, 2020 Gulf Coast Midwest Brownsville River Southeast West Coast Central Terminals Terminals Terminals Terminals Terminals Terminals Services Total Revenue: External customers $ 35,310 $ 4,420 $ 7,148 $ 5,333 $ 43,671 $ 26,681 $ — $ 122,563 Affiliate customers 4,232 — 4,085 — — — 6,019 14,336 Revenue $ 39,542 $ 4,420 $ 11,233 $ 5,333 $ 43,671 $ 26,681 $ 6,019 $ 136,899 Capital expenditures $ 3,960 $ 357 $ 10,486 $ 2,012 $ 7,007 $ 4,059 $ 884 $ 28,765 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | (17) SUBSEQUENT EVENT No subsequent transactions or events warranted recognition or disclosure in the accompanying financials or notes thereto. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of business | (a) Nature of business TransMontaigne Partners LLC (“we,” “us,” “our,” “the Company”) provides integrated terminaling, storage, transportation and related services for companies engaged in the trading, distribution and marketing of light refined petroleum products, heavy refined petroleum products, renewable products, crude oil, chemicals, fertilizers and other liquid products. We conduct our operations in the United States along the Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the Mississippi and Ohio rivers, in the Southeast and along the West Coast. |
Basis of presentation and use of estimates | (b) Basis of presentation and use of estimates Our accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of TransMontaigne Partners LLC and its controlled subsidiaries. Investments where we do not have the ability to exercise control, but do have the ability to exercise significant influence, are accounted for using the equity method of accounting. All inter-company accounts and transactions have been eliminated in the preparation of the accompanying consolidated financial statements. The accompanying consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly our financial position as of June 30, 2021 and December 31, 2020 and our results of operations for the three and six months ended June 30, 2021 and 2020. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. The following estimates, in management’s opinion, are subjective in nature, require the exercise of judgment, and/or involve complex analyses: useful lives of our plant and equipment and accrued environmental obligations. Changes in these estimates and assumptions will occur as a result of the passage of time and the occurrence of future events. Actual results could differ from these estimates. |
Accounting for terminal and pipeline operations | (c) Accounting for terminal and pipeline operations We generate revenue from terminaling services fees, pipeline transportation fees and management fees. Under ASC 606 and ASC 842, we recognize revenue over time or at a point in time, depending on the nature of the performance obligations contained in the respective contract with our customer. The contract transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our revenue is recognized pursuant to ASC 842. The following is an overview of our significant revenue streams, including a description of the respective performance obligations and related method of revenue recognition. Terminaling services fees. Our terminaling services agreements are structured as either throughput agreements or storage agreements. Our throughput agreements contain provisions that require our customers to make minimum payments, which are based on contractually established minimum volumes of throughput of the customer’s product at our facilities, over a stipulated period of time. Due to this minimum payment arrangement, we recognize a fixed amount of revenue from the customer over a certain period of time, even if the customer throughputs less than the minimum volume of product during that period. In addition, if a customer throughputs a volume of product exceeding the minimum volume, we would recognize additional revenue on this incremental volume. Our storage agreements require our customers to make minimum payments based on the volume of storage capacity available to the customer under the agreement, which results in a fixed amount of recognized revenue. We refer to the fixed amount of revenue recognized pursuant to our terminaling services agreements as being “firm commitments.” Our terminaling services agreements include revenue recognized in accordance with ASC 606 and ASC 842. Upon adoption of these standards, we evaluated our contracts to determine whether the contract contained a lease. Significant assumptions used in this process include the determination of whether substantive substitution rights exist based on the terms of the contract and available capacity at the terminal at the time of contract inception. Our terminaling services agreements do not allow our customers to purchase the underlying asset and vary in terms and conditions with respect to extension or termination options. If a contract is accounted for as a lease under ASC 842, we recognize the minimum payments as lease revenue and revenue recognized in excess of firm commitments as a variable payment of the lease. All other components of the contracts accounted for as a lease are treated as non-lease components (ancillary revenue) and are accounted for in accordance with ASC 606. The majority of our firm commitments under our terminaling services agreements are accounted for as lease revenue in accordance with ASC 842 (“ASC 842 revenue”). The remaining firm commitments under our terminaling services agreements not accounted for as lease revenue are accounted for in accordance with ASC 606 (“ASC 606 revenue”), where the minimum payment arrangement in each contract is considered a single performance obligation that is primarily satisfied over time through the contract term. Revenue recognized in excess of firm commitments and revenue recognized based solely on the volume of product distributed or injected are referred to as ancillary. The ancillary revenue associated with terminaling services include volumes of product throughput that exceed the contractually established minimum volumes, injection fees based on the volume of product injected with additive compounds, heating and mixing of stored products, product transfer, railcar handling, butane blending, proceeds from the sale of product gains, wharfage and vapor recovery. The revenue generated by these services is required to be estimated under ASC 606 for any uncertainty that is not resolved in the period of the service. We account for the majority of ancillary revenue at individual points in time when the services are delivered to the customer. The majority of our ancillary revenue is recognized in accordance with ASC 606 (See Note 15 of Notes to consolidated financial statements). Pipeline transportation fees. Management fees. Management fee revenue is recognized at individual points in time as the services are performed or as the costs are incurred and is primarily accounted for in accordance with ASC 606. Management fees related to lease revenue are accounted for in accordance with ASC 842. |
Cash and cash equivalents | (d) Cash and cash equivalents We consider all short-term investments with a remaining maturity of three months or less at the date of purchase to be cash equivalents. |
Property, plant and equipment | (e) Property, plant and equipment Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 25 years for terminals and pipelines and 3 to 25 years for furniture, fixtures and equipment. All items of property, plant and equipment are carried at cost. Expenditures that increase capacity or extend useful lives are capitalized. Repairs and maintenance are expensed as incurred. We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable based on expected undiscounted future cash flows attributable to that asset group. If an asset group is impaired, the impairment loss to be recognized is the excess of the carrying amount of the asset group over its estimated fair value. We did not recognize any impairment charges during the three and six months ended June 30, 2021 and 2020. |
Investments in unconsolidated affiliates | (f) Investments in unconsolidated affiliates We account for our investments in unconsolidated affiliates, which we do not control but do have the ability to exercise significant influence over, using the equity method of accounting. Under this method, the investment is recorded at acquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased by our proportionate share of any losses, distributions received and amortization of any excess investment. Excess investment is the amount by which our total investment exceeds our proportionate share of the book value of the net assets of the investment entity. We evaluate our investments in unconsolidated affiliates for impairment whenever events or circumstances indicate there is a loss in value of the investment that is other than temporary. In the event of impairment, we would record a charge to earnings to adjust the carrying amount to estimated fair value. We did not recognize any impairment charges during the three and six months ended June 30, 2021 and 2020. |
Environmental obligations | (g) Environmental obligations We accrue for environmental costs that relate to existing conditions caused by past operations when probable and reasonably estimable (See Note 9 of Notes to consolidated financial statements). Environmental costs include initial site surveys and environmental studies of potentially contaminated sites, costs for remediation and restoration of sites determined to be contaminated and ongoing monitoring costs, as well as fines, damages and other costs, including direct legal costs. Liabilities for environmental costs at a specific site are initially recorded, on an undiscounted basis, when it is probable that we will be liable for such costs, and a reasonable estimate of the associated costs can be made based on available information. Such an estimate includes our share of the liability for each specific site and the sharing of the amounts related to each site that will not be paid by other potentially responsible parties, based on enacted laws and adopted regulations and policies. Adjustments to initial estimates are recorded, from time to time, to reflect changing circumstances and estimates based upon additional information developed in subsequent periods. Estimates of our ultimate liabilities associated with environmental costs are difficult to make with certainty due to the number of variables involved, including the early stage of investigation at certain sites, the lengthy time frames required to complete remediation, technology changes, alternatives available and the evolving nature of environmental laws and regulations. We periodically file claims for insurance recoveries of certain environmental remediation costs with our insurance carriers under our comprehensive liability policies (See Note 4 of Notes to consolidated financial statements). In connection with our acquisition of the Florida (other than Pensacola), Midwest, Brownsville, Texas, River, Southeast, and Pensacola, Florida terminal and facilities, a third party agreed to indemnify us against certain potential environmental claims, losses and expenses. Based on our current knowledge, we expect that the active remediation projects subject to the benefit of this indemnification obligation are winding down and will not involve material additional claims, losses, and expenses. Nonetheless, the forgoing environmental indemnification obligations of a third party to us remain in place. |
Asset retirement obligations | (h) Asset retirement obligations Asset retirement obligations are legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development or normal use of the asset. GAAP requires that the fair value of a liability related to the retirement of long-lived assets be recorded at the time a legal obligation is incurred. Once an asset retirement obligation is identified and a liability is recorded, a corresponding asset is recorded, which is depreciated over the remaining useful life of the asset. After the initial measurement, the liability is adjusted to reflect changes in the asset retirement obligation. If and when it is determined that a legal obligation has been incurred, the fair value of any liability is determined based on estimates and assumptions related to retirement costs, future inflation rates and interest rates. Our long-lived assets consist of above-ground storage facilities and underground pipelines. We are unable to predict if and when these long-lived assets will become completely obsolete and require dismantlement. We have not recorded an asset retirement obligation, or corresponding asset, because the future dismantlement and removal dates of our long-lived assets is indeterminable and the amount of any associated costs are believed to be insignificant. Changes in our assumptions and estimates may occur as a result of the passage of time and the occurrence of future events. |
Deferred compensation expense | (i) Deferred compensation expense We have a savings and retention plan to compensate certain employees who provide services to the Company. We index the savings and retention plan awards to other forms of investments and have the intent and ability to settle the awards in cash, and accordingly, we account for the awards as liability awards (See Note 12 of Notes to consolidated financial statements). |
Accounting for derivative instruments | (j) Accounting for derivative instruments Generally accepted accounting principles require us to recognize all derivative instruments at fair value in the consolidated balance sheets as assets or liabilities. Changes in the fair value of our derivative instruments are recognized in the consolidated statements of operations. At June 30, 2021 and December 31, 2020 we do not have derivative instruments. Our interest rate swap agreements expired in June 2020. Pursuant to the terms of the interest rate swap agreements, we paid a blended fixed rate of approximately 2.04% and received interest payments based on the one-month LIBOR. The net difference to be paid or received under the interest rate swap agreements was settled monthly and was recognized as an adjustment to interest expense. The fair value of our interest rate swap agreements was determined using a pricing model based on the LIBOR swap rate and other observable market data. |
Income taxes | (k) Income taxes No provision for U.S. federal income taxes has been reflected in the accompanying consolidated financial statements because we are treated as a partnership for federal income tax purposes. As a partnership, all income, gains, losses, expenses, deductions and tax credits generated by us flow up to our owners. |
Comprehensive Income | (l) Comprehensive income Entities that report items of other comprehensive income have the option to present the components of net earnings and comprehensive income in either one continuous financial statement, or two consecutive financial statements. As we have no components of comprehensive income other than net earnings, no statement of comprehensive income has been presented. |
Recent accounting pronouncements | (m) Recent accounting pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. |
Going concern assessment and management's plan | (n) Going concern assessment and management’s plan Pursuant to FASB ASC 205-40, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern |
CONCENTRATION OF CREDIT RISK _2
CONCENTRATION OF CREDIT RISK AND TRADE ACCOUNTS RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
CONCENTRATION OF CREDIT RISK AND TRADE ACCOUNTS RECEIVABLE | |
Schedule of trade accounts receivable, net (in thousands) | Trade accounts receivable, net consists of the following (in thousands): June 30, December 31, 2021 2020 Trade accounts receivable $ 11,614 $ 9,203 Less allowance for credit losses — — $ 11,614 $ 9,203 |
Schedule of customer who accounted for at least 10% of consolidated revenue | Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Pilot Flying J 20 % 14 % 20 % 14 % Freepoint Commodities LLC 9 % 10 % 10 % 11 % |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
OTHER CURRENT ASSETS | |
Schedule of other current assets (in thousands) | Other current assets were as follows (in thousands): June 30, December 31, 2021 2020 Prepaid insurance $ 4,423 $ 2,123 Revolving credit facility unamortized deferred debt issuance costs, net of accumulated amortization of $11,902 at June 30, 2021 1,269 — Additive detergent 1,797 1,585 Amounts due from insurance companies 546 668 Deposits and other assets 1,061 1,247 $ 9,096 $ 5,623 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
PROPERTY, PLANT AND EQUIPMENT, NET | |
Schedule of property, plant and equipment, net (in thousands) | Property, plant and equipment, net was as follows (in thousands): June 30, December 31, 2021 2020 Land $ 83,657 $ 83,657 Terminals, pipelines and equipment 1,135,652 1,108,410 Furniture, fixtures and equipment 11,323 11,104 Construction in progress 13,761 22,824 1,244,393 1,225,995 Less accumulated depreciation (517,030) (488,494) $ 727,363 $ 737,501 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
GOODWILL | |
Schedule of goodwill (in thousands) | Goodwill was as follows (in thousands): June 30, December 31, 2021 2020 Brownsville terminals $ 8,485 $ 8,485 West Coast terminals 943 943 $ 9,428 $ 9,428 |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | |
Summary of investments in unconsolidated affiliates | The following table summarizes our investments in unconsolidated affiliates: Percentage of Carrying value ownership (in thousands) June 30, December 31, June 30, December 31, 2021 2020 2021 2020 BOSTCO 42.5 % 42.5 % $ 202,735 $ 201,912 Frontera 50 % 50 % 23,081 24,036 Total investments in unconsolidated affiliates $ 225,816 $ 225,948 |
Schedule of earnings from investments in unconsolidated affiliates (in thousands) | Earnings from investments in unconsolidated affiliates was as follows (in thousands): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 BOSTCO $ 1,603 $ 1,302 $ 3,093 $ 2,810 Frontera 560 548 1,262 1,193 Total earnings from investments in unconsolidated affiliates $ 2,163 $ 1,850 $ 4,355 $ 4,003 |
Schedule of additional capital investments in unconsolidated affiliates (in thousands) | Additional capital investments in unconsolidated affiliates for the funding of growth projects was as follows (in thousands): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 BOSTCO $ 442 $ 506 $ 2,822 $ 3,171 Frontera — — — — Additional capital investments in unconsolidated affiliates $ 442 $ 506 $ 2,822 $ 3,171 |
Schedule of cash distributions received from unconsolidated affiliates (in thousands) | Cash distributions received from unconsolidated affiliates was as follows (in thousands): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 BOSTCO $ 2,796 $ 3,636 $ 5,092 $ 5,053 Frontera 1,180 820 2,217 1,294 Cash distributions received from unconsolidated affiliates $ 3,976 $ 4,456 $ 7,309 $ 6,347 |
Summary of financial information of unconsolidated affiliates (in thousands) | The summarized financial information of our unconsolidated affiliates was as follows (in thousands): Balance sheets: BOSTCO Frontera June 30, December 31, June 30, December 31, 2021 2020 2021 2020 Current assets $ 18,252 $ 15,822 $ 5,136 $ 5,352 Long-term assets 462,074 464,971 42,203 43,939 Current liabilities (13,655) (17,543) (1,177) (1,219) Long-term liabilities (5,193) (5,476) — — Net assets $ 461,478 $ 457,774 $ 46,162 $ 48,072 Statements of income: BOSTCO Frontera Three months ended Three months ended June 30, June 30, 2021 2020 2021 2020 Revenue $ 16,722 $ 15,885 $ 4,600 $ 4,772 Expenses (12,608) (12,585) (3,480) (3,676) Net income $ 4,114 $ 3,300 $ 1,120 $ 1,096 BOSTCO Frontera Six months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Revenue $ 35,522 $ 32,321 $ 9,469 $ 9,808 Expenses (27,593) (25,236) (6,945) (7,422) Net income $ 7,929 $ 7,085 $ 2,524 $ 2,386 |
OTHER ASSETS, NET (Tables)
OTHER ASSETS, NET (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
OTHER ASSETS, NET | |
Schedule of other assets, net (in thousands) | Other assets, net was as follows (in thousands): June 30, December 31, 2021 2020 Customer relationships, net of accumulated amortization of $10,762 and $9,587, respectively $ 38,668 $ 39,843 Revolving credit facility unamortized deferred debt issuance costs, net of accumulated amortization of $11,054 at December 31, 2020 — 2,117 Amounts due under long-term terminaling services agreements 377 1,347 Deposits and other assets 719 735 $ 39,764 $ 44,042 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
ACCRUED LIABILITIES | |
Schedule of accrued liabilities (in thousands) | Accrued liabilities were as follows (in thousands): June 30, December 31, 2021 2020 Accrued compensation expense $ 9,025 $ 12,283 Customer advances and deposits 9,658 10,689 Interest payable 7,607 7,619 Accrued property taxes 4,398 3,018 Accrued environmental obligations 2,197 983 Accrued expenses and other 59 140 $ 32,944 $ 34,732 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
OTHER LIABILITIES | |
Schedule of other liabilities (in thousands) | Other liabilities were as follows (in thousands): June 30, December 31, 2021 2020 Advance payments received under long-term terminaling services agreements $ 2,078 $ 2,569 Deferred revenue 1,890 2,251 $ 3,968 $ 4,820 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
DEBT | |
Summary of debt (in thousands) | Debt was as follows (in thousands): June 30, December 31, 2021 2020 Revolving credit facility due in 2022: Short-term debt $ 346,400 $ — Long-term debt — 350,400 6.125% senior notes due in 2026 299,900 299,900 Senior notes unamortized deferred debt issuance costs, net of accumulated amortization of $2,914 and $2,441, respectively (5,168) (5,641) Debt $ 641,132 $ 644,659 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of lease cost and other information | Following are components of our lease costs (in thousands): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Operating leases $ 1,269 $ 1,165 $ 2,449 $ 2,347 Variable lease costs (including insignificant short-term leases) 230 215 464 426 Sublease income as primary obligor (250) (249) (499) (495) Total lease costs $ 1,249 $ 1,131 $ 2,414 $ 2,278 Other information related to our operating leases was as follows (in thousands, except lease term and discount rate): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Cash outflows for operating leases $ 1,178 $ 1,078 $ 2,406 $ 2,287 Weighted average remaining lease term (years) 28.96 18.57 28.96 18.57 Weighted average discount rate 4.5% 5.2% 4.5% 5.2% |
Schedule of future minimum lease payments | Undiscounted cash flows owed by the Company to lessors pursuant to contractual agreements in effect as of June 30, 2021 and related imputed interest was as follows (in thousands): Years ending December 31: 2021 (remainder of the year) $ 2,713 2022 5,283 2023 4,683 2024 4,227 2025 3,805 Thereafter 67,754 Total lease payments 88,465 Less imputed interest (38,498) Present value of operating lease liabilities $ 49,967 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | |
Revenue disaggregated by category (in thousands) | The following table provides details of our revenue disaggregated by category of revenue (in thousands): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Terminaling services fees: Firm commitments (ASC 842 revenue) $ 44,785 $ 49,560 $ 91,794 $ 96,371 Firm commitments (ASC 606 revenue) 5,136 3,801 9,530 7,508 Total firm commitments revenue 49,921 53,361 101,324 103,879 Ancillary revenue (ASC 606 revenue) 10,645 8,514 21,647 20,343 Ancillary revenue (ASC 842 revenue) 283 586 875 1,583 Total ancillary revenue 10,928 9,100 22,522 21,926 Total terminaling services fees 60,849 62,461 123,846 125,805 Pipeline transportation fees (ASC 842 revenue) 242 872 638 1,744 Management fees (ASC 606 revenue) 4,531 4,422 9,749 8,749 Management fees (ASC 842 revenue) 338 303 659 601 Total management fees 4,869 4,725 10,408 9,350 Total revenue $ 65,960 $ 68,058 $ 134,892 $ 136,899 |
Schedule of estimated future ASC 606 revenue by segment (in thousands) | The following table includes our estimated future revenue associated with our firm commitments under terminaling services fees which is expected to be recognized as ASC 606 revenue in the specified period related to our future performance obligations as of the end of the reporting period (in thousands): Estimated Future ASC 606 Revenue by Segment Gulf Coast Midwest Brownsville River Southeast West Coast Central Terminals Terminals Terminals Terminals Terminals Terminals Services Total 2021 (remainder of the year) $ 2,400 $ 277 $ 1,089 $ 572 $ 3,506 $ 2,294 $ — $ 10,138 2022 1,718 456 2,178 1,063 2,157 1,600 — 9,172 2023 235 32 2,178 531 — — — 2,976 2024 — — 2,178 — — — — 2,178 2025 — — 2,178 — — — — 2,178 Thereafter — — 520 — — — — 520 Total estimated future ASC 606 revenue $ 4,353 $ 765 $ 10,321 $ 2,166 $ 5,663 $ 3,894 $ — $ 27,162 |
Schedule of estimated future ASC 842 revenue (in thousands) | Years ending December 31: 2021 (remainder of the year) $ 87,867 2022 142,912 2023 120,668 2024 72,868 2025 54,270 Thereafter 493,579 Total estimated future ASC 842 revenue $ 972,164 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BUSINESS SEGMENTS | |
Schedule of information related to financial performance of business segments (in thousands) | Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Gulf Coast Terminals: Terminaling services fees $ 19,291 $ 18,877 $ 38,449 $ 39,530 Management fees 11 7 25 12 Revenue 19,302 18,884 38,474 39,542 Operating costs and expenses (5,424) (5,049) (11,062) (11,172) Net margins 13,878 13,835 27,412 28,370 Midwest Terminals: Terminaling services fees 2,562 2,033 5,569 3,476 Pipeline transportation fees — 472 — 944 Revenue 2,562 2,505 5,569 4,420 Operating costs and expenses (605) (761) (1,269) (1,276) Net margins 1,957 1,744 4,300 3,144 Brownsville Terminals: Terminaling services fees 4,382 3,657 8,292 7,664 Pipeline transportation fees 242 400 638 800 Management fees 1,283 1,269 2,594 2,769 Revenue 5,907 5,326 11,524 11,233 Operating costs and expenses (2,130) (2,454) (4,591) (5,137) Net margins 3,777 2,872 6,933 6,096 River Terminals: Terminaling services fees 3,489 2,639 6,915 5,333 Revenue 3,489 2,639 6,915 5,333 Operating costs and expenses (1,598) (1,415) (3,233) (2,659) Net margins 1,891 1,224 3,682 2,674 Southeast Terminals: Terminaling services fees 18,410 21,629 38,250 43,139 Management fees 271 292 532 532 Revenue 18,681 21,921 38,782 43,671 Operating costs and expenses (5,706) (5,329) (11,832) (10,902) Net margins 12,975 16,592 26,950 32,769 West Coast Terminals: Terminaling services fees 12,715 13,626 26,371 26,663 Management fees 10 9 20 18 Revenue 12,725 13,635 26,391 26,681 Operating costs and expenses (4,799) (4,954) (10,171) (9,998) Net margins 7,926 8,681 16,220 16,683 Central Services: Management fees 3,294 3,148 7,237 6,019 Revenue 3,294 3,148 7,237 6,019 Operating costs and expenses (5,393) (5,393) (11,500) (10,848) Net margins (2,099) (2,245) (4,263) (4,829) Total net margins 40,305 42,703 81,234 84,907 General and administrative expenses (5,198) (5,250) (10,377) (11,567) Insurance expenses (1,390) (1,280) (2,718) (2,488) Deferred compensation expense (224) (354) (988) (1,265) Depreciation and amortization (14,946) (14,242) (29,710) (27,883) Earnings from unconsolidated affiliates 2,163 1,850 4,355 4,003 Operating income 20,710 23,427 41,796 45,707 Other expenses (8,172) (7,831) (16,187) (17,688) Net earnings $ 12,538 $ 15,596 $ 25,609 $ 28,019 |
Schedule of supplemental information about consolidated business segments (in thousands) | Supplemental information about our business segments is summarized below (in thousands): Three months ended June 30, 2021 Gulf Coast Midwest Brownsville River Southeast West Coast Central Terminals Terminals Terminals Terminals Terminals Terminals Services Total Revenue: External customers $ 17,094 $ 2,562 $ 3,993 $ 3,489 $ 18,681 $ 12,725 $ — $ 58,544 Affiliate customers 2,208 — 1,914 — — — 3,294 7,416 Revenue $ 19,302 $ 2,562 $ 5,907 $ 3,489 $ 18,681 $ 12,725 $ 3,294 $ 65,960 Capital expenditures $ 726 $ 27 $ 1,998 $ 1,060 $ 2,436 $ 1,630 $ 10 $ 7,887 Identifiable assets $ 134,664 $ 17,344 $ 111,687 $ 51,112 $ 248,090 $ 267,216 $ 12,413 $ 842,526 Cash and cash equivalents 242 Investments in unconsolidated affiliates 225,816 Revolving credit facility unamortized deferred debt issuance costs, net 1,269 Other 5,271 Total assets $ 1,075,124 Three months ended June 30, 2020 Gulf Coast Midwest Brownsville River Southeast West Coast Central Terminals Terminals Terminals Terminals Terminals Terminals Services Total Revenue: External customers $ 16,783 $ 2,505 $ 3,411 $ 2,639 $ 21,921 $ 13,635 $ — $ 60,894 Affiliate customers 2,101 — 1,915 — — — 3,148 7,164 Revenue $ 18,884 $ 2,505 $ 5,326 $ 2,639 $ 21,921 $ 13,635 $ 3,148 $ 68,058 Capital expenditures $ 2,641 $ 238 $ 5,454 $ 1,304 $ 3,384 $ 1,662 $ 193 $ 14,876 Six months ended June 30, 2021 Gulf Coast Midwest Brownsville River Southeast West Coast Central Terminals Terminals Terminals Terminals Terminals Terminals Services Total Revenue: External customers $ 34,091 $ 5,569 $ 7,673 $ 6,915 $ 38,782 $ 26,391 $ — $ 119,421 Affiliate customers 4,383 — 3,851 — — — 7,237 15,471 Revenue $ 38,474 $ 5,569 $ 11,524 $ 6,915 $ 38,782 $ 26,391 $ 7,237 $ 134,892 Capital expenditures $ 2,422 $ 52 $ 6,099 $ 3,833 $ 5,189 $ 3,926 $ 72 $ 21,593 Six months ended June 30, 2020 Gulf Coast Midwest Brownsville River Southeast West Coast Central Terminals Terminals Terminals Terminals Terminals Terminals Services Total Revenue: External customers $ 35,310 $ 4,420 $ 7,148 $ 5,333 $ 43,671 $ 26,681 $ — $ 122,563 Affiliate customers 4,232 — 4,085 — — — 6,019 14,336 Revenue $ 39,542 $ 4,420 $ 11,233 $ 5,333 $ 43,671 $ 26,681 $ 6,019 $ 136,899 Capital expenditures $ 3,960 $ 357 $ 10,486 $ 2,012 $ 7,007 $ 4,059 $ 884 $ 28,765 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Razorback pipeline | 6 Months Ended |
Jun. 30, 2021 | |
Leased and assumed operatorship (as a percent) | 100.00% |
Pipeline transportation fees | |
Capacity contracted by individual customer (as a percent) | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting for operations (Details) bbl in Millions | 6 Months Ended |
Jun. 30, 2021bbl | |
Lucknow-Highspire Terminals, LLC | |
Related Party Transaction [Line Items] | |
Terminal storage capacity (in barrels) | 9.9 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment, and Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, plant and equipment | ||||
Long-lived assets impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Terminals and pipelines | Minimum | ||||
Property, plant and equipment | ||||
Estimated useful lives | 15 years | |||
Terminals and pipelines | Maximum | ||||
Property, plant and equipment | ||||
Estimated useful lives | 25 years | |||
Furniture, fixtures and equipment | Minimum | ||||
Property, plant and equipment | ||||
Estimated useful lives | 3 years | |||
Furniture, fixtures and equipment | Maximum | ||||
Property, plant and equipment | ||||
Estimated useful lives | 25 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivatives, Taxes and Earnings (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Income taxes | |
Provision for U.S. federal income taxes | $ 0 |
Interest rate swap | |
Accounting for derivative instruments | |
Fixed interest rate paid (as a percent) | 2.04% |
TRANSACTIONS WITH AFFILIATES -
TRANSACTIONS WITH AFFILIATES - Agreements (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)itembbl | Jun. 30, 2020USD ($) | |
June 2021 terminaling services agreement-Brownsville LLC | Frontera | Brownsville terminals | ||||
Transactions with affiliates | ||||
Number of Terminaling Services Agreements | item | 2 | |||
Storage capacity agreed to be provided (in barrels) | bbl | 301,000 | |||
Throughput revenue | $ 0.6 | $ 0.6 | $ 1.2 | $ 1.3 |
June 2021 terminaling services agreement-Brownsville LLC | Frontera | Brownsville terminals | Minimum | ||||
Transactions with affiliates | ||||
Notice period for termination of service agreement | 90 days | |||
June 2021 terminaling services agreement-Brownsville LLC | Frontera | Brownsville terminals | Maximum | ||||
Transactions with affiliates | ||||
Notice period for termination of service agreement | 180 days | |||
Operations and reimbursement agreement-Frontera | Frontera | ||||
Transactions with affiliates | ||||
Ownership interest in joint venture (as a percent) | 50.00% | 50.00% | ||
Revenue recognized | $ 1.3 | 1.3 | $ 2.6 | 2.8 |
Terminaling services agreement- Gulf Coast Terminals | Associated Asphalt Marketing, LLC | Gulf Coast Terminals | ||||
Transactions with affiliates | ||||
Automatic renewal period of service agreement | 5 years | |||
Notice period for termination of service agreement | 180 days | |||
Storage capacity agreed to be provided (in barrels) | bbl | 750,000 | |||
Throughput revenue | 2.2 | 2.1 | $ 4.4 | 4.2 |
Terminaling services agreement- Gulf Coast Terminals | Associated Asphalt Marketing, LLC | Gulf Coast Terminals | Automatic renewals following initial automatic renewal under the agreement | ||||
Transactions with affiliates | ||||
Automatic renewal period of service agreement | 2 years | |||
Notice period for termination of service agreement | 180 days | |||
Operating and administrative agreement SeaPort Midstream Partners, LLC | TMS | Central Services | ||||
Transactions with affiliates | ||||
Number of refined terminals operated | item | 2 | |||
Operating and administrative agreement SeaPort Midstream Partners, LLC | SeaPort Midstream Partners, LLC | Central Services | ||||
Transactions with affiliates | ||||
Revenue recognized | $ 0.9 | 0.8 | $ 1.9 | 1.6 |
Automatic renewal period of service agreement | 2 years | |||
Notice period for termination of service agreement | 12 months | |||
Operating and administrative agreement SeaPort Midstream Partners, LLC | SeaPort Midstream Partners, LLC | SeaPort Midstream Partners, LLC | Central Services | ||||
Transactions with affiliates | ||||
Ownership interest in joint venture (as a percent) | 51.00% | 51.00% | ||
Reimbursement agreement | ArcLight | Central Services | ||||
Transactions with affiliates | ||||
Revenue recognized | $ 0.5 | 0.4 | $ 1.2 | 0.6 |
Services Agreement | SeaPort Sound Terminal, LLC | Central Services | ||||
Transactions with affiliates | ||||
Revenue recognized | 1.9 | 1.9 | $ 4.1 | 3.8 |
Services Agreement | TransMontaigne Management Company, LLC | ||||
Transactions with affiliates | ||||
Administration fee (in Percentage) | 1.00% | |||
Aggregate fees paid | $ 0.5 | $ 0.5 | $ 1.1 | $ 1.7 |
CONCENTRATION OF CREDIT RISK _3
CONCENTRATION OF CREDIT RISK AND TRADE ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Concentration of credit risk and trade accounts receivable | |||||
Trade accounts receivable | $ 11,614 | $ 11,614 | $ 9,203 | ||
Trade accounts receivable, net | $ 11,614 | 11,614 | 9,203 | ||
Accounts receivable | |||||
Concentration of credit risk and trade accounts receivable | |||||
ASC 606 revenue | $ 3,500 | $ 2,400 | |||
Pilot Flying J | Consolidated revenue | Customer concentration | |||||
Concentration of credit risk and trade accounts receivable | |||||
Percentage of total revenue generated by major customer | 20.00% | 14.00% | 20.00% | 14.00% | |
Freepoint Commodities LLC | Consolidated revenue | Customer concentration | |||||
Concentration of credit risk and trade accounts receivable | |||||
Percentage of total revenue generated by major customer | 9.00% | 10.00% | 10.00% | 11.00% |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
OTHER CURRENT ASSETS | ||
Prepaid insurance | $ 4,423 | $ 2,123 |
Revolving credit facility unamortized deferred debt issuance costs, net of accumulated amortization of $11,902 at June 30, 2021 | 1,269 | |
Additive detergent | 1,797 | 1,585 |
Amounts due from insurance companies | 546 | 668 |
Deposits and other assets | 1,061 | 1,247 |
Other current assets | 9,096 | $ 5,623 |
Reimbursements from insurance companies | 100 | |
Accumulated amortization | $ 11,902 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, plant and equipment, net | ||
Property, plant and equipment, gross | $ 1,244,393 | $ 1,225,995 |
Less accumulated depreciation | (517,030) | (488,494) |
Property, plant and equipment, net | 727,363 | 737,501 |
Land | ||
Property, plant and equipment, net | ||
Property, plant and equipment, gross | 83,657 | 83,657 |
Terminals, pipelines and equipment | ||
Property, plant and equipment, net | ||
Property, plant and equipment, gross | 1,135,652 | 1,108,410 |
Furniture, fixtures and equipment | ||
Property, plant and equipment, net | ||
Property, plant and equipment, gross | 11,323 | 11,104 |
Construction in progress | ||
Property, plant and equipment, net | ||
Property, plant and equipment, gross | 13,761 | 22,824 |
Utilized by customers in operating lease arrangements | ||
Property, plant and equipment, net | ||
Property, plant and equipment, net | $ 564,400 | $ 582,600 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill | |||
Goodwill | $ 9,428 | $ 9,428 | $ 9,428 |
Brownsville and West Coast terminals | |||
Goodwill | |||
Impairment charges | 0 | 0 | 0 |
Brownsville terminals | |||
Goodwill | |||
Goodwill | 8,485 | 8,485 | 8,485 |
West Coast terminals | |||
Goodwill | |||
Goodwill | $ 943 | $ 943 | $ 943 |
INVESTMENTS IN UNCONSOLIDATED_3
INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Details) $ in Thousands, bbl in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)bbl | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | |||||
Carrying value of investments in unconsolidated affiliates | $ 225,816 | $ 225,816 | $ 225,948 | ||
Earnings from unconsolidated affiliates | 2,163 | $ 1,850 | 4,355 | $ 4,003 | |
Additional capital investments in unconsolidated affiliates | 442 | 506 | 2,822 | 3,171 | |
Cash distributions received from unconsolidated affiliates | 3,976 | 4,456 | 7,309 | 6,347 | |
Balance sheets: | |||||
Current assets | 24,652 | 24,652 | 18,407 | ||
Current liabilities | (392,768) | (392,768) | $ (52,016) | ||
Statements of income: | |||||
Revenue | 65,960 | 68,058 | 134,892 | 136,899 | |
Net income | $ 12,538 | 15,596 | $ 25,609 | 28,019 | |
BOSTCO | |||||
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | |||||
Storage capacity | bbl | 7.1 | ||||
Percentage of ownership | 42.50% | 42.50% | 42.50% | ||
Carrying value of investments in unconsolidated affiliates | $ 202,735 | $ 202,735 | $ 201,912 | ||
Excess investment | 6,400 | 6,400 | 6,400 | ||
Earnings from unconsolidated affiliates | 1,603 | 1,302 | 3,093 | 2,810 | |
Additional capital investments in unconsolidated affiliates | 442 | 506 | 2,822 | 3,171 | |
Cash distributions received from unconsolidated affiliates | 2,796 | 3,636 | 5,092 | 5,053 | |
BOSTCO | Uconsolidated Affiliates | |||||
Balance sheets: | |||||
Current assets | 18,252 | 18,252 | 15,822 | ||
Long-term assets | 462,074 | 462,074 | 464,971 | ||
Current liabilities | (13,655) | (13,655) | (17,543) | ||
Long-term liabilities | (5,193) | (5,193) | (5,476) | ||
Net assets | 461,478 | 461,478 | $ 457,774 | ||
Statements of income: | |||||
Revenue | 16,722 | 15,885 | 35,522 | 32,321 | |
Expenses | (12,608) | (12,585) | (27,593) | (25,236) | |
Net income | $ 4,114 | 3,300 | $ 7,929 | 7,085 | |
Frontera | |||||
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | |||||
Storage capacity | bbl | 1.7 | ||||
Percentage of ownership | 50.00% | 50.00% | 50.00% | ||
Carrying value of investments in unconsolidated affiliates | $ 23,081 | $ 23,081 | $ 24,036 | ||
Earnings from unconsolidated affiliates | 560 | 548 | 1,262 | 1,193 | |
Cash distributions received from unconsolidated affiliates | 1,180 | 820 | 2,217 | 1,294 | |
Frontera | Uconsolidated Affiliates | |||||
Balance sheets: | |||||
Current assets | 5,136 | 5,136 | 5,352 | ||
Long-term assets | 42,203 | 42,203 | 43,939 | ||
Current liabilities | (1,177) | (1,177) | (1,219) | ||
Net assets | 46,162 | 46,162 | $ 48,072 | ||
Statements of income: | |||||
Revenue | 4,600 | 4,772 | 9,469 | 9,808 | |
Expenses | (3,480) | (3,676) | (6,945) | (7,422) | |
Net income | $ 1,120 | $ 1,096 | $ 2,524 | $ 2,386 | |
Class A Member Ownership Interest | BOSTCO | |||||
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | |||||
Cash distributions, allocation percentage | 96.50% | ||||
Class B Member Ownership Interest | BOSTCO | |||||
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | |||||
Cash distributions, allocation percentage | 3.50% |
OTHER ASSETS, NET (Details)
OTHER ASSETS, NET (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
OTHER ASSETS, NET | ||
Customer relationships, net of accumulated amortization of $10,762 and $9,587, respectively | $ 38,668 | $ 39,843 |
Revolving credit facility unamortized deferred debt issuance costs, net of accumulated amortization of $11,054 at December 31, 2020 | 2,117 | |
Amounts due under long-term terminaling services agreements | 377 | 1,347 |
Deposits and other assets | 719 | 735 |
Other assets, net | 39,764 | 44,042 |
Accumulated amortization of customer relationships | $ 10,762 | 9,587 |
Accumulated amortization of deferred financing costs | 11,054 | |
Amortization period of customer relationships | 20 years | |
Contract assets | $ 100 | $ 100 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accrued Liabilities [Line Items] | |||
Accrued compensation expense | $ 9,025 | $ 12,283 | |
Customer advances and deposits | 9,658 | 10,689 | |
Interest payable | 7,607 | 7,619 | |
Accrued property taxes | 4,398 | 3,018 | |
Accrued environmental obligations | 2,197 | 983 | |
Accrued expenses and other | 59 | 140 | |
Accrued liabilities | $ 32,944 | 34,732 | |
Period for billing of customers in advance for terminaling services | 1 month | ||
Customer advances and deposits, ASC 842 | $ 8,400 | 9,600 | |
Contract liabilities under ASC 606 | 1,300 | $ 1,100 | |
Deferred revenue, revenue recognized | 400 | ||
Increase (decrease) in remediation obligations due to change in estimate | 1,400 | ||
Accrued environmental obligations | |||
Payments | 200 | ||
Terminaling services fees | |||
Accrued Liabilities [Line Items] | |||
Deferred revenue, revenue recognized | $ 1,000 | $ 900 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
OTHER LIABILITIES | |||
Advance payments received under long-term terminaling services agreements | $ 2,078 | $ 2,569 | |
Deferred revenue | 1,890 | 2,251 | |
Other liabilities | 3,968 | 4,820 | |
Completed projects billed | 0 | ||
Recognized revenue on a straight line basis for completed projects | 400 | ||
Contract liabilities | 0 | $ 0 | |
Revenue recognized from contract liabilities | $ 0 | $ 0 |
DEBT (Details)
DEBT (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Feb. 12, 2018 | |
Long-term debt | ||||
Short-term debt | $ 346,400 | |||
Senior notes unamortized deferred debt issuance costs, net of accumulated amortization of $2,914 and $2,441, respectively | (5,168) | $ (5,641) | ||
Debt | 641,132 | 644,659 | ||
Accumulated amortization | $ 2,914 | 2,441 | ||
Issuance costs | $ 8,100 | |||
TLP Finance Corp | ||||
Long-term debt | ||||
Ownership interest in subsidiary (as a percent) | 100.00% | |||
TransMontaigne Partners LLC | ||||
Long-term debt | ||||
Amount of independent assets | $ 0 | |||
Amount of independent operations | $ 0 | |||
TransMontaigne Operating Company L.P | ||||
Long-term debt | ||||
Ownership interest in subsidiary (as a percent) | 100.00% | |||
6.125% senior notes due in 2026 | ||||
Long-term debt | ||||
Debt | $ 299,900 | $ 299,900 | ||
Interest (as a percent) | 6.125% | 6.125% | 6.125% | |
Sale of senior notes | $ 300,000 | |||
Credit facility | ||||
Long-term debt | ||||
Weighted average interest rate on borrowings (as a percent) | 3.30% | 5.20% | ||
Outstanding borrowings under credit facility | $ 346,400 | $ 350,400 | ||
Outstanding borrowings under letters of credit | $ 1,300 | 1,300 | ||
Credit facility | Minimum | ||||
Long-term debt | ||||
Commitment fee on unused amount of commitments (as a percent) | 0.375% | |||
Credit facility | Minimum | LIBOR | ||||
Long-term debt | ||||
Margin interest above reference rate (as a percent) | 1.75% | |||
Credit facility | Minimum | Base Rate | ||||
Long-term debt | ||||
Margin interest above reference rate (as a percent) | 0.75% | |||
Credit facility | Maximum | ||||
Long-term debt | ||||
Commitment fee on unused amount of commitments (as a percent) | 0.50% | |||
Credit facility | Maximum | LIBOR | ||||
Long-term debt | ||||
Margin interest above reference rate (as a percent) | 2.75% | |||
Credit facility | Maximum | Base Rate | ||||
Long-term debt | ||||
Margin interest above reference rate (as a percent) | 1.75% | |||
Revolving credit facility due in 2022 | ||||
Long-term debt | ||||
Short-term debt | $ 346,400 | |||
Long-term debt | $ 350,400 | |||
Maximum borrowing capacity | $ 850,000 | |||
Other investments as a percentage of consolidated net tangible assets | 5.00% | |||
Permitted JV investments subject to liquidity | $ 175,000 | |||
Revolving credit facility due in 2022 | Minimum | ||||
Long-term debt | ||||
Interest coverage ratio | 2.75 | |||
Revolving credit facility due in 2022 | Maximum | ||||
Long-term debt | ||||
Leverage ratio | 5.25 | |||
Senior secured leverage ratio | 3.75 |
DEFERRED COMPENSATION EXPENSE (
DEFERRED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Additional disclosures | ||||
Deferred compensation expense | $ 224 | $ 354 | $ 988 | $ 1,265 |
TMS | ||||
Additional disclosures | ||||
Deferred compensation expense | $ 200 | $ 400 | $ 1,000 | $ 1,300 |
TMS | Restricted phantom units | ||||
Additional disclosures | ||||
Vesting (as a percent) | 50.00% | |||
TMS | Restricted phantom units | Tranche One | ||||
Additional disclosures | ||||
Earlier vesting, age threshold (in years) | 60 years | |||
TMS | Restricted phantom units | Tranche Two | ||||
Additional disclosures | ||||
Earlier vesting, age threshold (in years) | 55 years | |||
Earlier vesting, length of service threshold (in years) | 10 years | |||
TMS | Restricted phantom units | Tranche Three | ||||
Additional disclosures | ||||
Earlier vesting, age threshold (in years) | 50 years | |||
Earlier vesting, length of service threshold (in years) | 20 years |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Leases (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Existence of Option to Extend | true |
Lessee, Operating Lease, Existence of Option to Terminate | true |
Additions to right-of-use assets | $ 15.7 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 50 years |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Lease cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
COMMITMENTS AND CONTINGENCIES | ||||
Operating leases | $ 1,269 | $ 1,165 | $ 2,449 | $ 2,347 |
Variable lease costs (including insignificant short-term leases) | 230 | 215 | 464 | 426 |
Sublease income as primary obligor | (250) | (249) | (499) | (495) |
Total lease costs | $ 1,249 | $ 1,131 | $ 2,414 | $ 2,278 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
COMMITMENTS AND CONTINGENCIES | ||||
Cash outflows for operating leases | $ 1,178 | $ 1,078 | $ 2,406 | $ 2,287 |
Weighted average remaining lease term (years) | 28 years 11 months 15 days | 18 years 6 months 25 days | 28 years 11 months 15 days | 18 years 6 months 25 days |
Weighted average discount rate | 4.50% | 5.20% | 4.50% | 5.20% |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Undiscounted Cash Flows Owed (Details) $ in Thousands | Jun. 30, 2021USD ($) |
COMMITMENTS AND CONTINGENCIES | |
2021 (remainder of the year) | $ 2,713 |
2022 | 5,283 |
2023 | 4,683 |
2024 | 4,227 |
2025 | 3,805 |
Thereafter | 67,754 |
Total lease payments | 88,465 |
Less imputed interest | (38,498) |
Present value of operating lease liabilities | 49,967 |
Contractual commitments for supply of services, labor and materials | $ 24,500 |
DISCLOSURES ABOUT FAIR VALUE (D
DISCLOSURES ABOUT FAIR VALUE (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | $ 641,132 | $ 644,659 |
6.125% senior notes due in 2026 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 299,900 | $ 299,900 |
6.125% senior notes due in 2026 | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 306,600 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregated (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 65,960 | $ 68,058 | $ 134,892 | $ 136,899 |
Firm commitments revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
ASC 842 revenue | 44,785 | 49,560 | 91,794 | 96,371 |
ASC 606 revenue | 5,136 | 3,801 | 9,530 | 7,508 |
Total revenue | 49,921 | 53,361 | 101,324 | 103,879 |
Ancillary revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
ASC 842 revenue | 283 | 586 | 875 | 1,583 |
ASC 606 revenue | 10,645 | 8,514 | 21,647 | 20,343 |
Total revenue | 10,928 | 9,100 | 22,522 | 21,926 |
Terminaling services fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 60,849 | 62,461 | 123,846 | 125,805 |
Pipeline transportation fees | ||||
Disaggregation of Revenue [Line Items] | ||||
ASC 842 revenue | 242 | 872 | 638 | 1,744 |
Management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
ASC 842 revenue | 338 | 303 | 659 | 601 |
ASC 606 revenue | 4,531 | 4,422 | 9,749 | 8,749 |
Total revenue | $ 4,869 | $ 4,725 | $ 10,408 | $ 9,350 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract Revenue (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 27,162 |
2021 (remainder of the year) | 87,867 |
2022 | 142,912 |
2023 | 120,668 |
2024 | 72,868 |
2025 | 54,270 |
Thereafter | 493,579 |
Total estimated future ASC 842 revenue | 972,164 |
Gulf Coast Terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 4,353 |
Midwest Terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 765 |
Brownsville terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 10,321 |
River terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 2,166 |
Southeast terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 5,663 |
West Coast terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 3,894 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 10,138 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Gulf Coast Terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 2,400 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Midwest Terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 277 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Brownsville terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 1,089 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | River terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 572 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Southeast terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 3,506 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | West Coast terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 2,294 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 9,172 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Gulf Coast Terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 1,718 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Midwest Terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 456 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Brownsville terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 2,178 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | River terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 1,063 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Southeast terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 2,157 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | West Coast terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 1,600 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 2,976 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Gulf Coast Terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 235 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Midwest Terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 32 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Brownsville terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 2,178 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | River terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | 531 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 2,178 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Brownsville terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 2,178 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 2,178 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Brownsville terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 2,178 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 520 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 0 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Brownsville terminals | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total estimated future ASC 606 revenue | $ 520 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segments of business | |||||
Revenue | $ 65,960 | $ 68,058 | $ 134,892 | $ 136,899 | |
Operating costs and expenses | (25,655) | (25,355) | (53,658) | (51,992) | |
Net margins | 40,305 | 42,703 | 81,234 | 84,907 | |
General and administrative expenses | (5,198) | (5,250) | (10,377) | (11,567) | |
Insurance expenses | (1,390) | (1,280) | (2,718) | (2,488) | |
Deferred compensation expense | (224) | (354) | (988) | (1,265) | |
Depreciation and amortization | (14,946) | (14,242) | (29,710) | (27,883) | |
Earnings from unconsolidated affiliates | 2,163 | 1,850 | 4,355 | 4,003 | |
Operating income | 20,710 | 23,427 | 41,796 | 45,707 | |
Other expenses | (8,172) | (7,831) | (16,187) | (17,688) | |
Net earnings | 12,538 | 15,596 | 25,609 | 28,019 | |
Capital expenditures | 7,887 | 14,876 | 21,593 | 28,765 | |
Identifiable assets | 842,526 | 842,526 | |||
Cash and cash equivalents | 242 | 242 | $ 595 | ||
Investments in unconsolidated affiliates | 225,816 | 225,816 | 225,948 | ||
Revolving credit facility unamortized deferred debt issuance costs, net | 1,269 | 1,269 | |||
Other | 5,271 | 5,271 | |||
TOTAL ASSETS | 1,075,124 | 1,075,124 | $ 1,069,206 | ||
External customers | |||||
Segments of business | |||||
Revenue | 58,544 | 60,894 | 119,421 | 122,563 | |
Affiliate customers | |||||
Segments of business | |||||
Revenue | 7,416 | 7,164 | 15,471 | 14,336 | |
Gulf Coast Terminals | |||||
Segments of business | |||||
Revenue | 19,302 | 18,884 | 38,474 | 39,542 | |
Operating costs and expenses | (5,424) | (5,049) | (11,062) | (11,172) | |
Net margins | 13,878 | 13,835 | 27,412 | 28,370 | |
Capital expenditures | 726 | 2,641 | 2,422 | 3,960 | |
Identifiable assets | 134,664 | 134,664 | |||
Gulf Coast Terminals | External customers | |||||
Segments of business | |||||
Revenue | 17,094 | 16,783 | 34,091 | 35,310 | |
Gulf Coast Terminals | Affiliate customers | |||||
Segments of business | |||||
Revenue | 2,208 | 2,101 | 4,383 | 4,232 | |
Midwest Terminals | |||||
Segments of business | |||||
Revenue | 2,562 | 2,505 | 5,569 | 4,420 | |
Operating costs and expenses | (605) | (761) | (1,269) | (1,276) | |
Net margins | 1,957 | 1,744 | 4,300 | 3,144 | |
Capital expenditures | 27 | 238 | 52 | 357 | |
Identifiable assets | 17,344 | 17,344 | |||
Midwest Terminals | External customers | |||||
Segments of business | |||||
Revenue | 2,562 | 2,505 | 5,569 | 4,420 | |
Brownsville terminals | |||||
Segments of business | |||||
Revenue | 5,907 | 5,326 | 11,524 | 11,233 | |
Operating costs and expenses | (2,130) | (2,454) | (4,591) | (5,137) | |
Net margins | 3,777 | 2,872 | 6,933 | 6,096 | |
Capital expenditures | 1,998 | 5,454 | 6,099 | 10,486 | |
Identifiable assets | 111,687 | 111,687 | |||
Brownsville terminals | External customers | |||||
Segments of business | |||||
Revenue | 3,993 | 3,411 | 7,673 | 7,148 | |
Brownsville terminals | Affiliate customers | |||||
Segments of business | |||||
Revenue | 1,914 | 1,915 | 3,851 | 4,085 | |
River terminals | |||||
Segments of business | |||||
Revenue | 3,489 | 2,639 | 6,915 | 5,333 | |
Operating costs and expenses | (1,598) | (1,415) | (3,233) | (2,659) | |
Net margins | 1,891 | 1,224 | 3,682 | 2,674 | |
Capital expenditures | 1,060 | 1,304 | 3,833 | 2,012 | |
Identifiable assets | 51,112 | 51,112 | |||
River terminals | External customers | |||||
Segments of business | |||||
Revenue | 3,489 | 2,639 | 6,915 | 5,333 | |
Southeast terminals | |||||
Segments of business | |||||
Revenue | 18,681 | 21,921 | 38,782 | 43,671 | |
Operating costs and expenses | (5,706) | (5,329) | (11,832) | (10,902) | |
Net margins | 12,975 | 16,592 | 26,950 | 32,769 | |
Capital expenditures | 2,436 | 3,384 | 5,189 | 7,007 | |
Identifiable assets | 248,090 | 248,090 | |||
Southeast terminals | External customers | |||||
Segments of business | |||||
Revenue | 18,681 | 21,921 | 38,782 | 43,671 | |
West Coast terminals | |||||
Segments of business | |||||
Revenue | 12,725 | 13,635 | 26,391 | 26,681 | |
Operating costs and expenses | (4,799) | (4,954) | (10,171) | (9,998) | |
Net margins | 7,926 | 8,681 | 16,220 | 16,683 | |
Capital expenditures | 1,630 | 1,662 | 3,926 | 4,059 | |
Identifiable assets | 267,216 | 267,216 | |||
West Coast terminals | External customers | |||||
Segments of business | |||||
Revenue | 12,725 | 13,635 | 26,391 | 26,681 | |
Central Services | |||||
Segments of business | |||||
Revenue | 3,294 | 3,148 | 7,237 | 6,019 | |
Operating costs and expenses | (5,393) | (5,393) | (11,500) | (10,848) | |
Net margins | (2,099) | (2,245) | (4,263) | (4,829) | |
Capital expenditures | 10 | 193 | 72 | 884 | |
Identifiable assets | 12,413 | 12,413 | |||
Central Services | Affiliate customers | |||||
Segments of business | |||||
Revenue | 3,294 | 3,148 | 7,237 | 6,019 | |
Terminaling services fees | |||||
Segments of business | |||||
Revenue | 60,849 | 62,461 | 123,846 | 125,805 | |
Terminaling services fees | Gulf Coast Terminals | |||||
Segments of business | |||||
Revenue | 19,291 | 18,877 | 38,449 | 39,530 | |
Terminaling services fees | Midwest Terminals | |||||
Segments of business | |||||
Revenue | 2,562 | 2,033 | 5,569 | 3,476 | |
Terminaling services fees | Brownsville terminals | |||||
Segments of business | |||||
Revenue | 4,382 | 3,657 | 8,292 | 7,664 | |
Terminaling services fees | River terminals | |||||
Segments of business | |||||
Revenue | 3,489 | 2,639 | 6,915 | 5,333 | |
Terminaling services fees | Southeast terminals | |||||
Segments of business | |||||
Revenue | 18,410 | 21,629 | 38,250 | 43,139 | |
Terminaling services fees | West Coast terminals | |||||
Segments of business | |||||
Revenue | 12,715 | 13,626 | 26,371 | 26,663 | |
Pipeline transportation fees | Midwest Terminals | |||||
Segments of business | |||||
Revenue | 472 | 944 | |||
Pipeline transportation fees | Brownsville terminals | |||||
Segments of business | |||||
Revenue | 242 | 400 | 638 | 800 | |
Management fees | |||||
Segments of business | |||||
Revenue | 4,869 | 4,725 | 10,408 | 9,350 | |
Management fees | Gulf Coast Terminals | |||||
Segments of business | |||||
Revenue | 11 | 7 | 25 | 12 | |
Management fees | Brownsville terminals | |||||
Segments of business | |||||
Revenue | 1,283 | 1,269 | 2,594 | 2,769 | |
Management fees | Southeast terminals | |||||
Segments of business | |||||
Revenue | 271 | 292 | 532 | 532 | |
Management fees | West Coast terminals | |||||
Segments of business | |||||
Revenue | 10 | 9 | 20 | 18 | |
Management fees | Central Services | |||||
Segments of business | |||||
Revenue | $ 3,294 | $ 3,148 | $ 7,237 | $ 6,019 |